Perth rental "crisis" article

rents are skyrocketing.

even in burns beach, which is a construction suburb, i can get enough rent to cover my mortgage and utilities, leaving only rates payable by me, which is about $40pw.

madness! might have to take advantage of that.
 
Ergophobia said:
close


580 Hay St

2x1 cost 750k, rent 1500/week or 10.4%


http://www.realestate.com.au/property-apartment-wa-perth-407048406


http://www.realestate.com.au/buy/in-580+hay+street+perth/list-1?includeSurrounding=false
Click to expand...

That rental would be more like 1 million to buy like it's neighbour:

http://www.realestate.com.au/property-apartment-wa-perth-109746186

Still 7.8% though likely to get less rent due to non river views.

Interesting to note that receivers were called in on equus - I wasn't aware of that.
 
receivers were called into equus because of a "default".

there's $25m of office space, and only $10m is under contract, so maybe it's there....? from the article >

"It's hard to tell as to whether it's residential, retail or commercial that was the backwards drag."
Click to expand...

considering

includes 138 apartments, 48 commercial suites and a 2000sqm ground-floor retail arcade with 30 shops.
Click to expand...

i would hazard a guess that the 30-odd vacant shops, considering they are a ghost mall between hay and murray with all "to let/for sale" signs reasonably points to retail being the issue.
 
Aaron Sice said:
....or the "rental guarantee"....:rolleyes:
Click to expand...

Exactly...Even if it is close without the rental guarantee, we're not that naive to not remember there are extra holding costs like expensive strata to pay for as well, fees which don't exist with other properties, hence drop[ping the return

I'd have hazarded a guess that it brings it down to almost the average return which we pretty much all agree is not enough
 
Hegney expects rents to increase 20% this year. he said yesterday was the first official day of the rent crisis and that there will be no relief in sight. The only relief will come when investors, upon seeing evidence of CG, jump in and convert OO properties to rentals
 
Ausprop said:
Hegney expects rents to increase 20% this year. he said yesterday was the first official day of the rent crisis and that there will be no relief in sight. The only relief will come when investors, upon seeing evidence of CG, jump in and convert OO properties to rentals
Click to expand...

20% ? Cool !!

This means I have to think about 6 months ahead then when 2 out of 3 are up for lease renewal, (the other one's on periodic)

Based on WA's tenancy laws, this probably means that I have to start looking into it now, so that I can determine the right paperwork (plural) and then sending it off early enough to meet the 600000000000 days notice needed LOL
 
yeh a mate wanted a place last week - had to offer extra and pay 3 months rent in advance, not sure if that was enough to do it tho :eek:
 
as usual media is late to the party

this started at least 9 months ago in the city and nearly 6 months ago in a lot of suburbs
 
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