Perth Western Suburbs Rental Market Update
With warmer weather upon us, the festive season fast approaching and the WA market diversifying, we are seeing enquiries picking up and we’re on the lookout for more properties in the area to meet demand. How does having a tenant lined up without having to market your property for rent sound? Well, the good news is we have a wait-list of pre-qualified professional tenants on standby. Our leasing team are working with a number of families moving to Perth in early 2019, who are looking for homes in West Leederville, Wembley, Floreat, Churchlands & City Beach. Budgets are from $500.00 -$1,200.00 per week.
Did you know West Leederville, Wembley, Floreat, Churchlands & City Beach are often tenanted on average within 15 days of applications being processed, rents are down roughly 10% compared to 12 months ago and 20% of tenants have pets? With REIWA Real Facts update of 14 October 2018 we’re seeing another drop from 4.2% down to 3.92% vacancy, this really is good news for investors and we are excited to share!!! We’ve almost halved vacancy rates across Perth in the last 12 months. Once vacancy sits between 2.0-3.0%, rents will be in favour of landlords. Not long to go!
From now through to January we also anticipate the common steady increase in the uplift of families moving to Perth from overseas and interstate, (mainly Doctors, Nurses & Teachers) wanting to lock in their new rental home so they can enjoy the festive season without stressing and worrying about where they will lease for the next 12 months. If you have a property you’d like expert advice on, please call Katherine on 0421 197 723 for your free rental property health check.