The metropolitan median rent in Perth
has fallen by $30 since March last year, according to the REIWA.
Moreover, the rent dropped by $10 to $430 per week through the March quarter, which equates to $450 per week for a house and $420 for an apartment or villa.
The indicators suggest that the vacancy rate is set to head north in the coming winter months, said REIWA president David Airey.
“The Perth vacancy rate lifted to 4.4% for the first three months of the year, due to falling population growth, the volume of new dwellings on the market and the number of former tenants who became first home buyers while interest rates are low,” he said.
The number of rental properties on the Perth market currently have increased to around 7,080 from 5,140 on the same time last year.
In the middle of 2013, Perth rents peaked at $475 per week, but have dropped by 9.5% due to an increase of supply over the past two years.
Airey has two tips for investors in this climate of falling rents:
- They should review their asking rents to attract and hold good tenants amid the competition.
- It’s important for properties to be well presented and properly maintained to attract interest and secure the best lease in the shortest time.
The average time taken to lease a property has increased by almost a week on March last year, to 36 days.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out