Rental vacancy rates high in Perth metropolitan area
Tight rental vacancy rates recently revealed by the Real Estate Institute of Western Australia (REIWA) may inspire property investment in Perth and surrounding areas.
As billions of dollars worth of mining projects heat up the nation's largest state, it seems the residential property industry is also getting an economic boost.
Rental vacancy rates for the metropolitan area dropped 2.3 per cent in the three months to February.
February alone showed a vacancy rate of just 1.6 per cent - a level not seen since the December 2007 quarter that preceded the Global Financial Crisis.
As a result of the high demand, median rental prices for units, apartments, villas and townhouses increased by $10 to $390 per week.
REIWA president David Airey explained the change as a combination of demand and a reduction in supply, with the volume of property listings falling by 24 per cent since the beginning of the year.
He said: "It’s also the case that there is strong seasonal demand for rental property in the March quarter."