Boom Time for Perth Property Investors
As we emerge into a post-COVID world, and with WA largely avoiding the worst of the economic impact, there are signs that Perth’s property investment market is on the cusp of a boom.
According to recent data from the Real Estate Institute of WA (REIWA), rental vacancy rates are at a 12-year low. Meanwhile, Perth remains an affordable option for investors, making it an ideal time to consider increasing your portfolio of rental properties.
And while you may have some concerns over the Federal Government’s COVID-19 rent laws, we have seen and heard anecdotal evidence that very few Perth tenants have needed to access those rights.
Strong Demand for Rental Properties
Rental properties in Perth are not staying vacant for long. REIWA data from August 2020 indicates that it takes about 3 weeks to lease a property in greater Perth – nearly 2 weeks down on the same period last year.
There are a few reasons for this:
- A shortage of rental stock – about 3000 properties listed for rent, 50 per cent fewer than August 2019.
- Repatriated Australians, and Western Australians moving back from the eastern states, looking for accommodation.
- Fewer people buying investment properties due to concern about the impact of COVID-19.
All this contributes to the low vacancy rate and makes investing in the Perth property market an attractive option.