Wednesday, August 14, 2013

Perth Rent... so it's down now?

The REIWA boss has announced that the number of home vacancies in Perth for the last six months has doubled from 2,000 to 4,000 as the real estate industry mourns the slow death of the mining boom. David Airey said the impact could be felt most in the premium rental property segment where "a $1,500 / week rental may have to fall to $1,100 or $1,000 to get a tenant".

In one example, a Bicton couple leasing out their property for the last two years at $1,300 per week had to drop the rent to $980 per week to get a new tenant back into their property. However, it seems that the mid-tier rental properties that usually go for $480/week are relatively safe. Perhaps some renters are also realizing that it is cheaper to buy than to rent.

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