Reiwa reported that the median rent rose to a record $535 per week in February. CEO Cath Hart said WA need 18,000 - 20,000 new rental properties to return to a balanced marked.
Perths vacancy rate is currently at 0.7 per cent, during a galanced market it usually sat between 2.5 and 3.5 per cent.
WA simply needs a lot more properties (this is Australia wide just by the way not just WA) - this cannot be rectified in a couple of months - the government has let the people down and that's for sure. With the investors aging in this country they are fed up with the tenants getting such an easy ride they have decided not to keep their investments but sell them. The Government needs to put better incentives in for the investor.
With the amount of people coming into WA its pretty evident we are not equipped to house all these people and right now the Eastern States people will beat the locals hands down as they are used to paying at least $100-$200 more per week for their rentals.
If you want to blame someone blame the Government they have had years to prepare for this and they have done buggar all.
For all you investors out there please do give us a call as we are getting the premium rents for Mosman Park and you should always check it.
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL!!
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