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The past week has been a very significant one for the Perth real estate market with the number of vacancies falling below the psychologically significant 10,000 barrier according to Shane Kempton, Chief Operations Officer for Professionals Real Estate Group WA/NT.
Mr Kempton said that the latest REIWA figures show there were 9,990 vacant rental properties in Perth compared to 10,924 for this time last year.
The last time the number of rental vacancies in Perth was below 10,000 was January 2016. Over the past two years there has been a surge in vacant rental properties in Perth due to weak population growth and a boom in new home construction. The number of vacant rental properties in Perth peaked at well over 11,000 earlier this year and has been on a steady decline since.
The number of vacant rental properties in Perth is declining due to increasing new investment in the resources sector and an overall improvement in the State economy.
With the number of vacant rental properties on a downward trajectory, Professionals is predicting that my mid next year landlords in Perth will be able to review their rents upwards once the rental vacancies falls below 3.5%.
Unfortunately, over the past two years many landlords in Perth have had to slash their rents which has discouraged new investors entering the Perth real estate market. Once rents start to rise, we should see an influx in property investors into the Perth market particularly as property prices in Perth are so competitive.
For example, the median price of a home in Perth is around half that of Sydney and substantially below that of Melbourne. Now is a great time to buy an investment property in Perth especially in the more affordable areas of Perth where there a still a plentiful supply of homes for under $400,000.
This is particularly the case in the south eastern corridor of Perth stretching from Kenwick to Armadale, which is very established with a high level of social infrastructure including a rail link to Perth, as well as schools and shopping which appeal to renters.
For example, the median price of a home in Kenwick is only $340,000 and is located just 15 kilometers from the Perth CBD. It has a railway station and has convenient access to Albany and Roe Highways which appeals to commuters.