Residential
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The first three months of the year saw a few unusual trends in the metropolitan real estate rental market in Western Australia.
New figures published by the Real Estate Institute of Western Australia (REIWA) revealed that median rents in Perth increased during the quarter - which is normal for the season - but so did the vacancy rates.
This, said REIWA president David Airey, is not typical for the first quarter - especially as the summer months from January until March tend to be the tightest of the year in terms of vacancy rates.
He said: "It's odd therefore that the number of available properties actually increased from around 2,400 properties in December to 3,200 in March and during the same period rents went up 4.4 per cent."
One possible explanation, he suggested, is that some renters are keen to make the move onto the property ladder, which means that they are ending their leases in order to purchase their new home.
The median rent in Perth currently stands at $470 per week across all types of real estate - as a general rule, this means a median of $480 a week for houses and $450 a week for houses, villas and units.
