“As we approach the end of November, Realmark’s average vacancy rate is at 2.05 per cent*, 0.85 per cent below the state’s average of 2.9 per cent.” Said Tristan.
“According to REIWA statistics* there were 6,131 properties for rent in Perth last week, which is 17 per cent lower than levels seen a year ago.
“The quarter just been saw 172 suburbs recording an increase in leasing activity and 110 suburbs recording an increase in median rent.
“As a group, we’re starting to lease properties for rent above the asking price, particularly in cases where multiple groups attend one home open. We are receiving less applications offering below the asking price – which demonstrates a change in the tenant mindset and expectations we were seeing this time last year.
“Beachside properties in suburbs such as Scarborough are in high demand as summer approaches. We had 18 groups attend a first home open for a 3-bedroom 2-bathroom townhouse in Scarborough and received 11 applications by Monday morning.”
To take advantage of these improving conditions, we’re promoting our properties to reach a wider audience through targeted social media campaigns, as well as scheduling our home opens at times that are convenient to busy tenants. By doing this, we attract more prospective tenants through the property - which not only creates healthy competition among tenants to drive the rental price up, it minimises the length of which the property is vacant, generating a higher annual rental income.
We have tenants waiting for properties in certain markets. If you would like to discuss the marketing options for your investment, or would like a market update or appraisal for your rental property that is not yet managed by Realmark, please call Nicole Hazell on 0404 830 026 or at nhazell@realmark.com.au.
*This figure is based upon the number of properties managed by the agency which are vacant as at 15 November 2019
* Perth market snapshot week ending 10 November 2019
* Perth’s rental market continues to stabilise