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Another month on and Perth’s vacancy rate has lowered yet again, dropping 0.3 per cent and now with the extension to the emergency tenancy laws by the WA Government, the continuing reduction in supply is starting to look like a recipe for disaster for
tenants who are yet to find a property.
REIWA President Damian Collins said in just two months, Perth’s vacancy rate has gone from two per cent to 1.3 per cent and is expected to continue lowering over the coming months.
“The McGowan Government’s short-sighted decision to extend the emergency period for all tenancies is making a difficult problem even worse,” Mr Collins said.
“Unfortunately, sitting tenants are unlikely to move or adjust household size as they are paying below market rents. In addition, we are seeing an influx of people trying to find a new rental property in a market with a very low vacancy rate.”
Instead of a blanket extension, criteria should have been added to the legislation so that only those impacted financially by COVID-19 received the support that they need.
“Right now, investors are sitting on the sidelines due in part to the COVID-19 residential tenancy laws and by extending the legislation on all properties, it means investors are likely to continue to stay out of the market, which will further reduce
supply at the worst possible time,” Mr Collins said.
“It’s not too late for the McGowan Government to change their position, as we need to get investment confidence back, so investors bring the badly needed supply of rental properties back into the market.
“Without any change in the policy, it’s feared that a rental shortage will quickly turn into a rental crisis.”
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