28. November 2014 22:49
Vacancy Rate in Perth are languishing as many owners and real estate agents struggling to find buyers. Many houses, villas & apartments are vacant and show over-supplied market. There are a lot of properties in Perth market and expected to increase due to trend problem.
According to Real Estate Institute of WA President David Airey, “A slowdown in population growth and a spike in rental listings had resulted in more vacancies.
Having so much supply for houses make the market difficult to cope up. When the supply is too high and population growth slowdown; the conditions result a big drop in demand. Rental properties market weakens indeed because the boom for rentals has ended. Therefore, the rental price decreases due to high supply and very low demand.
24. July 2014 18:11
Perth market is being dominated by house and land packages. The metropolitan was not diverse enough to meet the needs of Perth residents. Although, the proportion of renters has been reasonably steady but the most tenants are preferably live in a typical house than units.
According to data from the REIWA, “The median rent in the city dropped by $10 to $450 per week.”
According to REIWA President David Airey blamed an over-supply of rental properties for the soft conditions.
Despite of the downturns, median rent increase. Due to the freed up more properties for rent and this is the reason why Perth’s current vacancy rate is now higher than average. Because of this slow-down in population growth and large numbers of renters taking advantage of very low interest rates. Houses are generally higher with a median $450 per week.
16. October 2013 17:16
According to Real Estate Institute of western Australia (REIWA), “The Perth rental market is facing a downturn as vacancy rates rise and rents fall.” Based on the data overall median rent dropped by $5 to $470 per week. Nowadays, Perth has experienced a decrease in rental listings during the September quarter. Some areas of metropolitan Perth were experiencing growth so despite of the decrease, there are some part of areas increases. It is important also for the conditions to understand owners in rental return so that they set the price.
23. April 2013 17:28
We all know that house price and rent is increasing due to the market demand. Some of the states are competing but Perth leads the market although Perth is one of the expensive costs of living. But considering all the factors, Perth is the boost and competitive state to other countries.
According to the rental Report from Australia Property Monitors, “Perth and Darwin have both recorded 22% growth in median house rents in the past 12 months.” Population growth is the driving force in Perth market and it shows high level of demand from renters and buyers. Population growth in Perth leads the market becoming very competitive and house and rent have risen.
22. January 2013 18:07
Perth is one of the boom populations because of the job opportunities. Many migrants trying their luck in Perth in which the cause of population increase. Because of the booming population, rental tightened and cause of housing crisis. Would it affect the median house rent?
According to the prediction of APM Economist Andrew Wilson, “By the end of the year, WA’s rapidly growing population will make Perth more expensive for renters than Sydney, where the median rent for homes is $500 a week. Last year, Perth had the highest rental growth of all capital cities and based on the forecast, more people are coming in WA every week that makes Perth’s median house rent increase. Population will continue growing but the home built annually is not sufficient to supply the demand.
17. August 2012 18:00
Based on the RP Data figures, Investors returning to the property market and frustrated vendors unable to sell their properties have pushed the number of properties advertised for rent to 7057 up from 5732 in July 2011. Last month, there were more than 1000 properties were advertised compared with the same time last year. There were 3403 new listings last month compared last year with 2619 listings. Many owners prefer to rent out their property rather than to sell it.
1. August 2012 18:05
The latest Australian Property Monitors report shows, “Median asking rents for houses in Australia increased nationally by 0.7% while apartment rents went up by 2.5% in the 3 months ending in June.” Rental growth in Melbourne and Brisbane has remained flat over last June with $360 for houses and $380 respectively. Perth median rents have risen over the June quarter with 7.5% to $430 for house rent. The strong growth for Sydney and Perth will cause gross yield increases and become attractive to investors to seek capital gains.
14. May 2012 20:56
Based from the Real Estate Institute of WA (REIWA), Perth rental listings fell by 500 in just a week last month. The rental vacancy rate is now 2.3% compared to 2.8% last December 2011. However, despite the falling number of rental properties, the median rental price is still the same at $380 per week for a unit and $240 per week for a house.
According to REIWA President David Airey, “January was traditionally the busiest period for tenancy changes because more people moved in between school years and university students sought new accommodation.” Because of the unnaturally busier period of high demand, it really puts a lot of pressure in the rental market. It is a just a lack of rental properties and next few months, we still believe and anticipating a normalized market and rent price will be flattened.
23. March 2012 18:11
Based on the REIWA figures released last March 14, 2012, Tenants in Perth are facing higher rents because of the plunging vacancy rate for rental accommodation. Perth recorded a vacancy rate of 1.6% and it showed variation across the city volatility. The vacancies rate along Perth ranged from Scarborough at 1.2% and probably increase at 1.5% for the three months of February while the Western Perth suburbs have a steady rate at 2.3%.
According to REIWA President David Airey, “The fall in the vacancy rate is not surprising as we have seen the volume of property listed for rental fall 24%, from 2900 homes to 2200 at the end of February.” In this case, March quarter is the strong seasonal demand for rental property. Rental accommodation vacancy rate is sinking because of the pressure was coming from the people to rent rather than to buy. One factor also for growing rental demand is from the new migrants arriving in Perth.
15. March 2012 18:34
The tightening in the market today has been seen in the median rent for units, apartment, villas and townhouses increase by $10 to $390 a week. Based on the Real Estate Institute of Western Australia (REIWA) data, Perth’s rental crisis continues to worsen and vacancy rate falling as median rents rise. Along Perth’s North coasted market from Scarborough, vacancies upward was at just 1.25% for February and 1.5% for the three months to February.
According to REIWA President David Airey, “rents for multi-residential dwellings had goes up, rents for houses remained steady at $420 a week. The vacancy rate has tightened in Perth in which growing demand for accommodation from migrants goes up in WA. The long-term equilibrium vacancy in Perth is 3% in which property market is now positive and moving upwards.