Perth’s rental market is showing slight signs of easing, with the vacancy rate inching up in July.
Here’s your one-minute wrap on the latest REIWA analysis.
The headline figure:
Perth’s vacancy rate rose to 0.6 per cent in July 2024, up from 0.5 per cent in the previous three months.
The fast five:
- Perth’s vacancy rate has been below 1 per cent since August 2022.
- The rate hit a record low of 0.4 per cent in March 2024.
- A balanced market typically has a vacancy rate between 2.5 and 3.5 per cent.
- Rent prices are showing periods of stability.
- Rental listings are increasing, albeit slowly.
What else you need to know:
The last time Perth’s vacancy rate was at a balanced 2.5 per cent was in September 2019.
Despite the slight increase, the current rate is still well below what’s considered balanced.
REIWA President Joe White says:
“This month’s figure is a move in the right direction, but it is still very low and vacancies are still filling quickly, particularly for properties in the more affordable price brackets.”
Tap into more data here.
