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Tenants are doing it tough in Perth, as a new REIWA report unveiled 12 suburbs across the city where there was only one listing available for renters at the end of May.
The new report from the Real Estate Institute of Western Australia (REIWA) has revealed that the suburbs of Southern River, Leeming, Parmelia, Kingsley, Caversham, Lockridge, Swan View, Hilbert, Manning, Madora Bay, North Beach, and Iluka had only one rental property listing available at the end of last month.
According to REIWA president Damian Collins, the rental shortage remained a significant challenge for the state.
“For there to be just a single rental available at any time, highlights how important it is that we attract investors back to the WA market,” he said.
He added that in several suburbs across Perth, only a handful of rentals are available — making it difficult to keep up with the high demand.
“Many of the suburbs highlighted on this list, like Kingsley, Southern River and Leeming are large suburbs with more than 10,000 people residing in the area,” he said.
For Mr Collins, the solution to the problem is to increase investment.
“There is an urgent need for more investors in WA, with fewer than 2,500 properties available for rent in Perth and vacancy rates across the state remaining at or near record lows,” he stated.
He urged investors to work with their buyer’s agent to look deeper into the market, arguing that the state has one of the best rental conditions for landlords, citing Perth’s affordable prices coupled with high demand for rentals.
“There is enormous potential for investors to take advantage of the state’s healthy economy and strong property market to secure a low-risk rental,” Mr Collins stated.
Here’s a more in-depth look at the suburbs with only one available rental listing:
- Southern River
Median rent price: $500 per week
Median sale price: $591,500
Rental yield: 4.4 per cent
- Leeming
Median rent price: $600 per week
Median sale price: $787,500
Rental yield: 4.0 per cent
- Parmelia
Median rent price: $400 per week
Median sale price: $307,000
Rental yield: 6.8 per cent
- Kingsley
Median rent price: $520 per week
Median sale price: $695,000
Rental yield: 3.9 per cent
- Caversham
Median rent price: $500 per week
Median sale price: $520,000
Rental yield: 5 per cent
- Lockridge
Median rent price: $380 per week
Median sale price: $325,000
Rental yield: 5.9 per cent
- Swan View
Median rent price: $413 per week
Median sale price: $410,000
Rental yield: 5.2 per cent
- Hilbert
Median rent price: $468 per week
Median sale price: $420,000
Rental yield: 5.8 per cent
- Manning
Median rent price: $550 per week
Median sale price: $827,000
Rental yield: 3.5 per cent
- Madora Bay
Median rent price: $500 per week
Median sale price: $570,000
Rental yield: 4.6 per cent
- North Beach
Median rent price: $450 per week
Median sale price: $985,000
Rental yield: 2.4 per cent
- Iluka
Median rent price: $660 per week
Median sale price: $950,000
Rental yield: 3.6 per cent
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