Re­lo­ca­tions lift­ing mar­ket

Guardian Express - - RESIDENTIAL -

THE Perth va­cancy rate fell to 4.5 per cent in Au­gust, the low­est it has been since April 2015, ac­cord­ing to REIWA.

It was one of sev­eral promis­ing signs for the rental mar­ket, with im­prove­ment recorded across all key in­di­ca­tors.

The over­all Perth me­dian rent was un­changed at $350 per week for the 17th month in a row, while leas­ing ac­tiv­ity in­creased 17 per cent dur­ing Au­gust, with 4805 dwellings leased.

“What we are see­ing is a steady yet healthy im­prove­ment in ten­ant ac­tiv­ity,” REIWA pres­i­dent Hay­den Groves said.

“Steady rents, eas­ing sup­ply as list­ings for rent con­tinue to fall and stronger de­mand with more leas­ing ac­tiv­ity all point to the rental mar­ket lead­ing Perth’s prop­erty mar­ket re­cov­ery.”

Reiwa.com data showed Leederville, Glen­dalough and Se­cret Har­bour ex­pe­ri­enced the most sig­nif­i­cant growth in leas­ing ac­tiv­ity dur­ing Au­gust.

“Leederville had more than dou­ble the amount of prop­er­ties leased from July to Au­gust, with the vol­umes in­creas­ing by an im­pres­sive 183 per cent,” Mr Groves said.

“Typ­i­cally, as we move into th­ese warmer spring months, the prop­erty mar­ket should see an over­all uplift in ac­tiv­ity.” RENTAL mar­ket ac­tiv­ity in the High­gate/Mt Law­ley/In­gle­wood cor­ri­dor re­mained steady over win­ter, ac­cord­ing to Knight Frank Res­i­den­tial.

Head of prop­erty man­age­ment Tom Berry said de­spite the cooler months nor­mally be­ing quiet, evening and week­end home opens had been very suc­cess­ful, con­stantly at­tract­ing large num­bers of po­ten­tial ten­ants.

“Mod­ern and ren­o­vated prop­er­ties re­main in de­mand within the city and city-fringe ar­eas,” he said.

“A re­cent home open at one of our Mt Law­ley prop­er­ties at­tracted 10 po­ten­tial ten­ants.

“We are also see­ing in­creased ac­tiv­ity in the mar­ket from com­pa­nies re­lo­cat­ing staff back to Perth from the east­ern states and also over­seas stu­dents.

“There is in­creas­ing ac­tiv­ity in the re­sources sec­tor, which is also start­ing to fil­ter through to the rental mar­ket.”

Mr Berry said in­nercity and city-fringe ar­eas con­tin­ued to re­main pop­u­lar and with the grow­ing ac­tiv­ity in the mar­ket this would con­tinue to in­crease given th­ese ar­eas’ close prox­im­ity to the city, parks and the cafe lifestyle which came with cityfringe liv­ing.

Re­gard­less of the im­prov­ing mar­ket, Mr Berry said in­vestors still needed to present prop­er­ties well to se­cure ten­ants.

“First im­pres­sions are ev­ery­thing,” he said.

“A prop­erty has to stand out on­line to en­tice a po­ten­tial ten­ant to even at­tend an in­spec­tion; that is why we only use pro­fes­sional pho­tos to ad­ver­tise prop­er­ties.”

Us­ing a prop­erty man­ager who pro­vided a flex­i­ble ser­vice was also im­por­tant.

“Prop­erty man­agers need to make sure we are avail­able to show prop­er­ties at times that suit po­ten­tial ten­ants, not the other way round,” he said.

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