Both Perth’s sales and rental markets recorded improved activity in the three months to March, according to the latest data from REIWA. House sales increased by 30% and leasing activity increased by 24%.

REIWA President, Hayden Groves, said it was encouraging to see market activity lift notably.  “Signs are certainly beginning to suggest that the worst may be over in Perth.” he said.  “Homebuyers, investors and tenants are clearly taking advantage of favourable conditions”.

Leasing activity increased across five sub-regions and was up 35% when compared to the same time last year.

‘While the rental market certainly still presents its challenges for landlords, with listing levels remaining high, tenants are very active right now.” Mr Groves said.  ‘I advise Landlords to listen to the advice of their property managers when advertising their property for lease. The market remains competitive, but provided your rental is priced well, you have a very good change of securing a tenant.”

In the residential sales market, data showed house sales activity held up relatively well on an annual basis, dropping slightly by 1% in March 2017 compared to March 2016, while listings for sale declined by 3% on an annual basis.

Source: Guardian Express/REIWA