Perth property investment looking more attractive
Investors who own leased property in Perth may welcome recent figures that show rents are going up in Western Australia - potentially generating higher returns for owners as a result.
According to the latest rental data from the Real Estate Institute of Western Australia (REIWA), median rents for houses in the state's capital increased by $10 to $470 per week.
By comparison, average rents for units, villas, townhouses and apartments remained steady at $420.
And in further good news for investors, the results also revealed that in the three months to January, there was a 13 per cent lift in the number of new leases taken out in the city compared with the previous quarter.
David Airey, REIWA president, said attractive rental yields, strong tenant demand, stable house prices and favourable economic conditions may attract more investors to the city's property market.
"The March quarter is traditionally the busiest time of the year in the rental sector, but this year the vacancy rate seems to be stable at around 1.9 per cent and the median rent is also sitting still," he commented.