Western Australia rental prices surge
Investors looking for a lucrative residential real estate purchase may be interested in the strengthening Western Australia property market.
The latest data on median rents across Perth showed rental properties continue to deliver high yields, with prices rising across the metropolitan area.
Real Estate Institute of Western Australia (REIWA) president David Airey said in the three months to August, average house rents increased by $10 to $450 per week, with units, apartments and villas recording a weekly rent increase of $20 to $430.
"We have also seen the vacancy rates for available properties tighten in the three months to August, with REIWA recording a measure of just 1.8 per cent across the city," Mr Airey explained.
"Our state has the highest rate of population growth in the country and this is placing increasing demand on the rental system."
With low vacancy rates and strong rental prices, property investors may be interested in breaking into the state's real estate market which is in high demand among renters.
Mr Airey said more people are purchasing dwellings around the state, with first time buyers nabbing affordable properties and investors buying up multi-residential dwellings.