With the rental market the strongest it’s been in six years, things are looking up for the Perth property market.
It seems the rental market is spearheading a market recovery in Perth with the vacancy rate dropping to just 2.8%, the lowest in six years. It has fallen from its highest to its lowest in six years, in just 18 months.
The question is however, is this simply a seasonal spike at the start of the New Year or will this be a sustainable increase in rental popularity? Well, according to the Real Estate Institute of Western Australia this upsurge is likely to continue through 2019 and create an overall positive outlook for the property industry
"We are starting to see groups of people at home opens, multiple applications on rental properties, and this is a space we haven't been in for some time." – REIWA deputy president Lisa Joyce.
Perth’s median rent last quarter remained at $350 per week for the seventh quarter in a row.
What does this mean for the future of Perth property?
So what effect will this have on the overall industry and how will this translate to the sales market?
Essentially this vacancy rate presents a positive future for the rest of the market. In 2019 we can hope to see the rental market continuing to support the rest of the industry as an increase in both yields and renter demand create a firm foundation for investor activity. Stable population growth combined with new building construction is maintaining a favourable buying market that should create more interest from investors.
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