7. August 2014 23:45
Reduced rental demand is the key feature of the Perth residential market at present. Tenant enquiry volumes are significantly down, leasing timeframes have blown out from 1-2 weeks vacant a year ago to 3-4 weeks and beyond. What can you do as an owner to lease your property quickly?
Firstly, ensure your property is ready to rent. The front lawn and gardens must be trim and weed free. Cut excess vegetation away from the front windows and entrance. Inside, professionally clean the carpets, do a full vacate clean of the house, and repair all minor maintenance items. Remove any rubbish or old tenant belongings left behind. Check all lights have operating globes, heaters are operational and kitchen appliances work. Positive first impressions are vital in this weak market.
Secondly, ensure your property is marketed well. Use a professional photographer, erect a professional for lease sign, and write professional advertising copy. You will need to be listed at a minimum on realestate.com.au and reiwa.com. In addition you will need to conduct home opens twice a week. Tenants do not show up for by appointments much anymore. Relying on the phone to ring, classified ads in the newspaper and online with gumtree screams “private landlord” and is a magnet for sub-prime tenants. You may as well leave the keys in the meter box now.
Thirdly, be prepared to review your asking rent. If your property is vacant for more than two weeks, then cut the rent now, and cut it hard. Drop the rent by a minimum of $30 per week. You cannot retrieve the lost rent from empty weeks, but you can increase the rent to a sitting tenant at the 6 or 12 month lease renewal. Focus on getting a rent-paying tenant in the property, not the actual rental amount.
Fourthly, do not drop your screening standards. If you have already got your property looking good, marketed well and dropped the rent, it will lease. It is better to wait another couple of weeks than to place a bad tenant and lose thousands of dollars in repairs and rent arrears. Be patient and a decent tenant will apply. Remember when the rental market was hot and you never had an opportunity to get inside your property to repaint and spruce up? Guess what, now is your time!
HouseSmart Real Estate Pty Ltd
16. June 2014 17:52
According to a Leading Property Industry Analyst and Economic Forecaster, BIS Shrapnel, “The fundamentals are beginning to favor an improvement in residential market conditions.” The residential markets nationwide are showing signs of strength and having a low interest rate is crucially continued to underpin residential markets. Some of the assumptions are having a competitive economic and business outlook, interest rate movements and trends in rental growth. These are some of the factors may impacting the residential market. In the forecast it doesn’t mean that all cities will improve the conditions. Some cities become tougher and some improves more. Because of the resources of each city, Western Australia will definitely improve because we see the signs of improvement of recovery.
9. May 2014 18:30
Confidence is the major indication for housing market. I think house prices not certain but expect to accelerate by 2015. There is a modest increase in Australian capital cities in house prices and Perth indicates the greatest increase. Will Australian Housing market continue to become most expensive?
According to Housing Industry Association Senior Economist Shane Garrett, “New home building offers the possibility for some economic good news this year. It is important that land supply policies act in concert with broader economic objectives.” Because of the interest rate unchanged, overall affordability will remain stable in 2014. The housing market outlook is stayed largely. Australian residential property market set to continue to do so in 2014. It is expecting also that slow interest rate will continue for some time.
11. April 2014 18:38
In all capital cities in Australia, house prices increased by March. March quarter dwells values to rise. Housing market shows substantial increase. If these activities continue, we will have a strong pace of sustaining the growth.
According to the SQM Research, “National Stock on market was up by 1.8% during the month.” March proved that we had a better market and had many properties listed compared with the previous months. It shows that market level will lead to become strong and sustainable.
27. November 2013 17:59
WA is the place where the migrants love to stay. WA is the home for homebuyers and it considered as the capital for so many jobs. Mining is one of the most known in WA which encourage staying for good. In WA suburbs, Perth is considered as a lifestyle living and many are decided to raise their family.
According to Australia’s major housing industry lobby group, “Conditions in western Australia’s home building industry are now the strongest in the nation.” WA residential building industry is the strongest in the country because of the strong population growth. Migrants also feel that they were safe where they live and on the property either. Trough this, we see all the indicators which driven WA to lead all capital cities.
4. June 2013 17:57
According to CBRE Senior Research Manager Sam Reilly, “The gap in the two-speed economy would narrow as mining investment shrinks over 2013/2014. But the new research shows that the low employment and strong population growth are driven in Perth’s residential growth. However, the first quarter shows an increase in median price in Perth by 1.8% to $496,000. A strong increase of demand in residential property across in Perth which is encourages investors for high development opportunities. The higher of rental demand pursues the first home owners to move out and find a new house in which simulate buyer activity. Indeed, we have competitive property market and it is swinging into a better one.
21. January 2012 18:44
This past years Sydney residential property market is the least volatile and Perth had sharper and shorter price rises. Residential Property market are not stable, sometimes things are going to get better or going to get worse. Industry specialists are surprisingly confident of a strong and robust year this year.
According to Senior Economist at Research House Australia property monitors, “The best bets for 2012 are Perth followed by Brisbane. Sydney is solid as a rock. But don’t expect much in Melbourne ‘til the third of fourth quarter.” Based on the date, Perth and Sydney are the two states will perform strong and competing in 2012. It will get better if the interest rate will cut soon because if interest rates cut, more people will seek and eager to buy a house. People are very optimistic about this data because of the mining boom and expected the price growth will increase and tighten the pressure.