According to the latest data from Real Estate Institute of Australia (REIWA), Perth’s rental vacancy rate has dropped to 1.6%, which is the lowest it has been since March 2008*.
For the past 21 months the vacancy rate has remained around 3%*, which is a good balance of supply and demand, according to REIWA President Damian Collins. However, this much lower vacancy rate will mean there’s a shortage in supply and in the coming months we’ll be seeing an increase in rent prices.
This is great news for investors as competition at home opens for rental properties increases. Properties are likely to receive multiple applications pushing up the asking price to secure the property, ultimately pushing up overall rental yields.
Combined with low interest rates on offer and relatively affordable property prices, now is the time to purchase an investment property to take advantage of these favourable rental yields!
To discuss your home loan options and to find an investment property loan that’s right for you, contact one of our expert finance brokers by calling (08) 9367 4222 or fill in the contact form on this page.
* The above data is referenced by Real Estate Institute of Australia (REIWA)