Perth is the New Hot Pick
Why Perth is becoming an attractive option for investors
Exciting news for investors as Perth house rents begin to rise faster than Sydney and Melbourne. You’ll be happy to hear that this steady marginal growth trend is predicted to continue throughout 2019. It’s the strongest recorded growth our nation has seen during the December quarter.
With the buzz in the property market, we’re bracing ourselves for a significant market turnaround. Coupled with a renewed positivity about WA jobs growth, the property market is driving towards lower vacancy rates and pushing demand even further. Finally, some good news for Perth, especially after that tight rental market we experienced in 2018.
For the first time in half a decade, city house rents have increased annually, adding 2.9 per cent over the year, according to Domain Rental Report. Even rental yields for houses in the resources-affected market have shown green shoots, increasing 1.2 per cent during the quarter and 5.5 per cent over the year to 4.34 per cent.
It’s fair to say that we’re anticipating increased competition among tenants as the demand of rental accommodation rises. With this strong tenant activity, it’s no wonder that landlords and tenants are optimistic about the economy. The promise of growth has even encouraged many families to relocate from the US and UK, as well as West Australian’s returning from the east coast.
So, if you’re looking for a location with better yield and growth prospects, Perth is becoming the more attractive option, especially as property prices start to fall over East. Move over Sydney, Perth is the new hot pick!