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Perth vacancy rate hits new low
Perth vacancy rate hits new low 11 April 2024 Matthew Hughes Perth’s vacancy rate dropped to a record low of 0.4 per cent in March, according to REIWA. The previous record was 0.6 per cent, set in December 2022. The vacancy rate rose to 0.7 per cent in January 2023 and remained there for most of 2023 and into 2024. Despite the decline, REIWA President Joe White said there were some signs the market may be easing. “Some of our members are reporting there has been a slowdown in demand for the higher end of the market. And we can see this in www.reiwa.com data, which shows homes priced over $1,000 per week took a median of 20 days to lease in the March quarter. “Homes priced under $1,000 took a median of 15 days to lease. And in some suburbs with a median dwelling rent below the current Perth median of $649, homes leased in 10 – 11 days over the quarter. “Demand remains strong in the more affordable prices brackets. While in the mid-range, members are reporting numbers at home opens are declining in some suburbs, however they are still receiving multiple applications. Mr White said affordability was an issue for many tenants and this could be one factor driving the change in demand. “
Perth’s vacancy rate dropped to a record low of 0.4 per cent in March, according… Read Article