Western Australia’s capital, Perth, has a lot to offer in terms of views, social life, and real estate. From scenic beaches to the famous 1,000-acre Kings Park and majestic skyscrapers, rental demand in Perth is at an all-time high for people seeking a fast-paced city lifestyle. However, high demand and prices can make it tough to find the perfect property in the city.
Market Trends for Real Estate Prices in Perth
Some of the most popular neighborhoods in the southern suburbs include Baldvivis, Thornlie and Armadale. Some of the most popular neighborhoods in the northern suburbs include Ashby, Ellenbrook, Balga, East Perth, and Maylands. Residential property sales in all these neighborhoods are booming.
The median price of a house in Perth has seen at least a 5% increase over the past year and now sits at around $530,000. If you’re looking for something that doesn’t break the bank, cast a glance toward Armadale, Camillo, Medina, and Parmelia that are in the vicinity of $300,000 or under and may be the right suburbs for you.
Rental Properties in Perth
Given the high residential property prices in Perth, rental demand is at an all-time high. Rent prices vary greatly depending on which neighborhood or suburb you opt for, but the average is around $600 per week. It has become increasingly difficult for tenants to find available rental homes in Perth due to low vacancy rates and a high number of people migrating to Western Australia. If you’re particularly unlucky, you may even have to wait a few months or a year to find a suitable rental property, so if you’re planning on moving to Perth, plan well in advance.
Residential Property Management
While the market trends have seen an upshoot in rental demand, investing in Perth’s real estate market is still very lucrative. Homeowners don’t usually have trouble finding buyers, and the massive surge in people moving to the city and the subsequent shortage of houses have made residential property sales soar.
You should look into residential property management if you don’t want to sell. This is when a property manager helps your property generate income through rent. They will manage the property on your behalf, such as hosting viewings for potential tenants, creating and accepting tenancy applications, negotiating rent, and ensuring that all administrative information related to the property is in check. Residential property managers act as the tenant’s first point of contact and deal with any issues they may face, making life convenient and saving the property owner’s time.
Conclusion
The market for rentals and the sale of residential property is still booming in Perth. Many property owners have begun to hire residential property managers and capitalize off the high rental demand by designating their properties as condominiums, apartments, and multi-family homes for rent.
For more information or to chat with a Licensed real estate agent in Perth,
contact Kate Webb, Owner and Director of Morgan Webb real Estate Pty Ltd, kate@morganwebb.com.au or 0408 738 755.
