The Perth rental market has been experiencing some tough times of late, but although we are still experiencing a high vacancy rate of 7.3%, there are positive signs emerging showing the market is steadying.
According to REIWA president Hayden Groves, leasing activity surged over August and there has been a “clear upward trend in leasing numbers across Perth”. In the June 2017 quarter, the median house rent sat at $360 and the median unit rent was $330 per week, with the overall median rent softening from the March quarter to sit at $350 per week.
Although landlords have had to become competitive in the current market, both with their rental asking price and the quality and condition of the property, prospective investors should not be discouraged by this. Low interest rates and increased affordability in the market make it an arguably easier time to start your investment journey.
If you own an investment property, or are looking to get into the market, it pays to stay on top of the latest market information to see where your property fits.
So, let’s break down the Perth rental market, as per week ending 5th of September 2017, according to REIWA.
The number of houses rented was 696, out of a total of 6,140 houses available to rent (11.3%). A total of 430 units were rented, from 3,931 available for rent (10.9%).
The top suburbs by number of leased properties were Perth (38 leased), East Perth (29), Scarborough (27) and Baldivis (24), which benefit from proximity to the city and transport links and the coast. On the other hand, East Perth, Perth and Scarborough also had the highest number of available rentals, along with Maylands.
East Perth had 260 properties available to rent, Perth had 228, Scarborough had 222 and Maylands had 211.
It took an average of 52 days to secure a tenant in the June quarter, which was one day more than in the March quarter, according to REIWA.
If your investment property is sitting empty, it’s time to call in a professional. Speak to the team at your local Peard Real Estate office to find out how our premium property management can help you. Our office vacancy rates are sitting well below the average at 2.5 %, so when it comes to getting your property leased, it pays to trust a local expert.
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