Investors are starting to boost their presence in Perth, as the number of rental listings increases, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
Data from Reiwa.com show listings for rent have increased by 5.7% in the state capital. Five suburbs, which include Balga, Highgate, Osborne Park, Kardinya, and Piara Waters, have reported the highest gains, between 54% and 108%.
"The increase in listings since the end of the moratorium indicates investor confidence is starting to return," said Domain Collins, president at REIWA.
The increasing investor presence was supported by the recent data from the Australian Bureau of Statistics, which indicate an annual gain of 209% in investor loan approval.
"As the year progresses, we should see more available rental properties hit the market as investors return and current tenants take advantage of Western Australia's affordable house prices to become first-home buyers,” Collins said. “However, this will not happen if investors are further deterred from buying property in Western Australia.”
The increase in the number of listings boosted the vacancy rate in Perth to 1.2% in June, the highest level since August 2020.
"While we are still a way off the 2% to 3% figure required for a balanced market, the improvements observed since the end of the rental moratorium are encouraging and suggest there is light at the end of the tunnel,” Collins said.
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