Business News
Perth’s rental vacancy has dropped to its lowest level in close to two years, as the impact of changes to negative gearing start to take effect.
Data from the Real Estate Institute of Western Australia shows that Perth’s rental vacancy rate was 1.7 per cent at the end of September.
This represents a 0.2 per cent drop since July and a 0.5 per cent drop since July.
The last time Perth’s vacancy rate was at 1.7 per cent was in November 2024.
A normalised market is about 2.5 to 3 per cent.
REIWA President Robert Mandanici said he was concerned by the decline in availability of rental properties.
“Demand for rental properties remains strong. This is reflected in the low vacancy rate and properties leasing in a median of two weeks,” he said.
“Unfortunately, we are seeing increasing challenges to supply and a further tightening of the market with the number of properties for rent in Perth dropping below 2,000 at the end of September. This is the first time they’ve fallen below 2,000 since March this year.