Reflections on a rollercoaster: my final column as REIWA President 

My term as REIWA President has come to an end and this is my final column.

The past two years have been quite a rollercoaster, with the words record-breaking and crisis mentioned often.

House and rental prices reached record highs, properties sold in record times and the vacancy rate dropped to record lows.

It’s one thing to see the data, but another to see it play out in real life. One moment that brought home the reality of the rental crisis to me was on a drive back to Dunsborough after a meeting at REIWA. I stopped at a petrol station and saw a mother sleeping in her car with her children.

Rising rent prices and declining supply saw the vulnerable in our community become more vulnerable, with many becoming homeless.

I also saw the emotional toll the rental crisis took on my property management team. With rentals in short supply they had to say no to deserving and desperate people day after day. They did their best, particularly for people experiencing family and domestic violence or on the verge of homelessness, but there simply weren’t enough properties to go around.

I am very pleased to see the frenzied conditions of the past couple of years have eased, with rents stabilising, more supply coming to the market and the vacancy rate starting to improve.

However, the market remains tight and we need to maintain a legislative environment that encourages investors.

We’re heading towards State and Federal elections and rental reforms are bound to be on the table. I’m a firm believer that if there is a reason for government to touch a market, they need to touch it as lightly as possible. Capital is mobile and investors can and will take their money elsewhere. We saw them leave the market in droves following the COVID rental moratoriums.

Housing affordability is a great concern to me. I worry about people trying to enter the market. Not only has housing become more expensive, but strong price increases have rendered the valuable First Home Owner Rate of Duty concessions inaccessible to many.

If you are looking to buy, my advice is be prudent. Buy when you can afford to and buy what you can afford. Don’t overextend yourself.

If you have a home, never miss an opportunity to work on your bottom line. Pay more off your mortgage, even if it’s just an extra $10 per week, and build up some equity. Save what you can and create a financial buffer should interest rates rise in the future or your circumstances change.

It has been a pleasure sharing REIWA’s local market data and insights, and my advice with you over the past two years. I wish you all the best on your property journey.