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is experiencing a rental stock shortage with a vacancy rate of 1.6 per cent and
only 3,206 properties currently available for rent on reiwa.com for the week
ending 30 August, which is 51 per cent down on the same time last year.
may be wondering why we have seen such a large drop in available properties, where
we are now at the lowest vacancy rate since March 2008. There are a few
reasons. Firstly, stock is being absorbed quicker because of more people moving
back to Western Australia in recent months from overseas and eastern states due
we are still yet to see large numbers of investors return to the property
market. Normally we would expect strong investor demand with vacancy rates so
low. However, with capital growth expectations being dampened during the long
property downturn, investors seem hesitant to return.
key factor influencing investor decision making has been the implementation of
the Residential Tenancies (COVID-19 Response) Act. Feedback from agents
on the ground is that investors are worried about returning to the market due
to the limitations on their ability to price rents at market value and evict
members have reported that no more than two per cent of tenants have suffered
financially due to the impacts of the pandemic. Therefore, it is important that
the rental market return to normal conditions as soon as possible in order to
get investors back buying and providing housing for tenants.
these aspects could be causing issues with some investors in the short-term,
looking at it from a long-term perspective, now is definitely the right time
for those who have been thinking about getting into property investment, to
a rental market to have an ideal balance between supply and demand, it should
have a vacancy rate of around three per cent. With Perth and some WA regional
areas experiencing vacancy rates well under three per cent, it is only a matter
of time before rent prices begin to increase.
you are considering making the move into property investment and have questions
on where to begin, make sure to reach out to your local REIWA real estate agent
or a REIWA buyer’s agent.
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