Rental leases increase in Yanchep

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Rental leases increased in May but rental listings remain high in the north-west sub region, according to REIWA. Picture: Anita McInnes

 

ACTIVITY in Perth’s rental market, including the north-west sub region increased in May, with reiwa.com data showing the volume of properties leased during the month was up 3.3 per cent on April 2016 and 7.4 per cent when compared with May 2015. 

The north-west sub region includes northern suburbs such as Yanchep, Two Rocks, Butler, Jindalee, Eglinton, Alkimos, Nowergup, Neerabup and Carabooda.

Properties leased in May in the  north-west sub region increased by 11.5 per cent but did not match the performance of the north-east sub region, which rose by 16.6 per cent.

Real Estate Institute of Western Australia president Hayden Groves said reiwa.com analysis showed tenants were taking advantage of improved choice in the market to secure a lease at a more affordable price. 

“It’s pleasing to see that although rental listings remain above long term averages, there is still plenty of movement in the market with leasing figures on the rise across the metropolitan area. 

“With a healthy supply of stock on the market and moderating rent prices tenants have a good opportunity to improve their living situation,” he said. 

The spike in leasing activity during the month was felt across all but two of the sub-regions. 

“When compared with May 2015, the south-west sub-region saw the most notable lift in listings – up 21.8 per cent on last year, followed by the north-east sub-region up 13.5 per cent.’’ 

Mr Groves said reiwa.com data showed the central sub-region and the south-east sub-region were the only submarkets to experience a decline during the month, but when compared with May 2015 leasing activity was up 2.5 and 6.9 per cent respectively.