PERTH PROPERTY IS BACK IN THE SPOTLIGHT

NEW DATA REVEALS WHY PERTH PROPERTY IS BACK IN THE SPOTLIGHT

PERTH’S VACANCY RATE REACHES 12 YEAR LOW!

REIWA has reported that not since March 2008 has the vacancy rate been 1.6%, indicating an increasing demand within the Perth rental market. It is generally considered that a  vacancy rate of 3% is in a good balance of supply and demand, however, current conditions are seeing up to 50 people attend rental home opens and the average Perth rental price increase nearly 3%.

The lack of new supply (due to reduced building activity over the past few years), investors selling to owner occupiers and WA’s increasing population, has seen half as many rental properties advertised now compared to July last year on reiwa.com.au. COVID appears to be suppressing rental increases with some experts tipping the market to boom when the government mandated aspects of the restrictions are removed in October. Economist Jason Murphies predicted in news.com.au that with low housing cost, higher wages and remaining largely unaffected by COVID, Western Australia’s property market is now in the national and international spotlight.

“Western Australia has done a great job dealing with coronavirus. Almost all of its cases were in returned travellers and it currently has just five active cases. While recovery will be tough everywhere, places that dealt with the virus best are likely to make recoveries sooner and stronger, having shorter lockdowns and attracting more tourists. Don’t be surprised if, after COVID, people you know start moving west.”

As a research based outfit, WAI Group has returned their focus back to WA after a successful run assisting clients to build their wealth in the Victoria market. Endeavouring to provide better opportunities, hassle free, we now have high returning solutions in the Perth Metro Area. These positively geared properties are part of the NRAS scheme which provides great tax free benefits. We believe under the current market conditions, WA is best poised for some excellent capital growth with our opportunities providing exceptional yield along the way. 

To learn more about the NRAS scheme CLICK HERE.

For more information please contact:

Fabian Hyland
Senior Consultant
0468 948 527
fabian@waigroup.com.au