Riverton has emerged as Perth’s best performing suburb for leasing activity.
The leafy riverside hamlet, with a median house price of $640,000, recorded a 113% increase in leasing volume last quarter at a median rent of $395.
Pulse Property Group director Zac Addenbrooke said the figures were very encouraging.
Mr Addenbrooke said historically the sales market followed the rental market during a recovery, so the boost to leasing activity was a “very positive sign”.
“Riverton has always been a solid performer for investors and homeowners because of its abundance of educational choices, sought-after school catchment and riverside lifestyle,” he said. “There’s a consistently good range of properties for sale and high demand for rentals at a reasonable price.”
According to REIWA, Perth’s rental market is continuing to improve, with the metro vacancy rate lowering to 2.4 per cent and 172 suburbs showing an increase in leasing activity. At Pulse Property Group we maintain a low vacancy rate, currently at 1.9%.
REIWA deputy president Lisa Joyce said the Perth rental market appeared to be building on the momentum of the latter half of 2019.
While 110 suburbs recording an increase in median rent price, there were 117 suburbs that saw no change with REIWA data showing Perth’s overall median rent remained at $350 per week.
“With only seven more suburbs separating the two, we can see how close we are to potentially seeing an increase in Perth’s overall median rent price, which will be the first time since April 2017,” Ms Joyce said.
There were 13,356 rental properties leased in Perth during the last quarter, which is 12 per cent more compared to the previous quarter.