Perth rental market tightens

Figures released by the Real Estate Institute of Australia and Mortgage Choice showed that the number of empty rentals in Perth is at its lowest point for a decade.
At the same time, the median rent for a three-bedroom house rose by 21 per cent in Perth, while for two-bedroom units, the median rise in Perth was even greater - at 29 per cent.
Against a backdrop of falling vacancy rates for residential rental property, rents rose in every capital city last year, according to information contained in 'Real Estate Market Facts'.
The tightening of the rental market in Perth had led to situations where potential renters were bidding for available properties.
The position is similar in Sydney, with cases of workers having to move into backpacker accommodation being reported.
The rental crisis is growing across Australia, with supply and demand forces creating an excellent environment for investors, but making life extremely difficult for renters.
Richard Schwenke the principal of prominent Perth real estate agency, Schwenke Young, said that the drain on rental properties was the result of an influx of interstate and overseas workers coming Western Australia to take up positions in the booming resources sector.
"The situation is compounded in some suburbs by the amount of renovations and building. People are having to rent while work is being done on their principle property," he said.
"The market is likely to stay the same way until the resources boom eases."


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