WA Rentals

[SnakePliskin]

PM advertised one of my IP's in Osborne Park a few weeks ago a month before old tenants were due to move out.

Two weeks after initial advert have had about 60-80 people go through, had 4 applications and rent has now gone from $450 to $520 a week on a 3 bed 2 bath oldish townhouse. Should have advertised for more.

This is after PM telling me I should re-advertise at $450, I said no go $500 and then got offers for $520. There is something brewing in the air in Perth I tell ya!

Is there anyway to find out what the top/low rents are for a suburb?

 

[jaycee]

PM advertised one of my IP's in Osborne Park a few weeks ago a month before old tenants were due to move out.

Two weeks after initial advert have had about 60-80 people go through, had 4 applications and rent has now gone from $450 to $520 a week on a 3 bed 2 bath oldish townhouse. Should have advertised for more.

This is after PM telling me I should re-advertise at $450, I said no go $500 and then got offers for $520. There is something brewing in the air in Perth I tell ya!

Is there anyway to find out what the top/low rents are for a suburb?

Good result man..... and good on you for keeping your eye on the market and not accepting the $50/week quote as accurate when it wasn't.

Not sure about where you can get stats for rent etc.

I live in Osb Park and have an IP there too - convenient location !

 

[Chomp]

I rented out my old house in bayswater 3 weeks ago. I was asking 350, was offered 380 but settled for 370 with better tenants.

I also looked at a house last month for rent in Mt Lawley, about 20 people turned up. I got it but only after offering the Agent my unit to rent out for me.

Girl up stairs from my unit put hers on Gumtree, she said 70 people emailed her. Whe was asking 350 for a 2 bed unit, seems to think she can get $400 ok.

We are in a population boom after being re rated as a country town so the miners got the new workers no ?

 

[INVSTOR]

PM advertised one of my IP's in Osborne Park a few weeks ago a month before old tenants were due to move out.

Two weeks after initial advert have had about 60-80 people go through, had 4 applications and rent has now gone from $450 to $520 a week on a 3 bed 2 bath oldish townhouse. Should have advertised for more.

This is after PM telling me I should re-advertise at $450, I said no go $500 and then got offers for $520. There is something brewing in the air in Perth I tell ya!

Is there anyway to find out what the top/low rents are for a suburb?

How can the PM's get it so wrong??? Haven't looked for a while but REIWA used to have averages for the quarter. Easiest way is to compare other listings/qualities of property.

 

[jaycee]

How can the PM's get it so wrong??? Haven't looked for a while but REIWA used to have averages for the quater. Easiest way is to compare other listings/qualities of property.

By not following easy steps like you outlined below ?

 

[Ergophobia]

man its sounding like the good old days when I moved to Perth in 2005.

Places were being let before the open day, it took me 3 months to find a place and I only got it because I offered $25/week more and rent paid in advance for the year.

bring it on!

 

[Ergophobia]

By not following easy steps like you outlined below ?

they get it wrong by following the trends which are retrospective and not assessing the current market on the basic principles of supply and demand.

where the market was at last quarter doesnt tell you where it is at now.

 

[jaycee]

they get it wrong by following the trends which are retrospective and not assessing the current market on the basic principles of supply and demand.

where the market was at last quarter doesnt tell you where it is at now.

that's what I said !!

 

[redwing]

REIWA fact sheet

 

[Ausprop]

interesting. I have to say it is not completely without logic. who in their right mind would invest in a property to let it out at stupidly low rents whilst getting stung from every conceivable govt dept? Rents have a way to run yet I think. I think Hegney's forecast 20% increase within 6 months may happen pretty much straight away. watch out for lazy PMs tho (pretty much all of them) - they like to make life easy and just roll over at existing rates

 

[Ausprop]

as a discussion point.. mandurah rents are still ludicrously low - like half that of perth. Likelihood of spill over?

 

[jaycee]

as a discussion point.. mandurah rents are still ludicrously low - like half that of perth. Likelihood of spill over?

I've wondered about that when you can see what appears to be reasonably priced property (low end I'm talking about, I don;t know if you were)

But the rental yields meant they were maybe(?0 the same a s Perth, with a bit of perception (me I'm talking bout), that the risk of stagnant prices was higher than in Perth (??)

 

[redwing]

Rental stress now highest in Perth

THE crippling rental squeeze in Perth has been confirmed with latest figures showing that rental prices have increased by over 14 per cent in the last 12 months.

Rental growth varied across the capital cities, with industry researchers RP Data finding smaller increases along the east coast, and rents actually decreasing in Hobart.

Perth's leap in rental prices was found to be the biggest in the country.

This only adds to data released last week by the Real Estate Institute of WA (REIWA) that showed Perth had a vacancy rate of just 1.9 per cent for the March quarter.

RP Data research director Tim Lawless said higher rents and lower home values were contributing to higher rental yields, with the average capital city house now returning a gross rental yield of 4.2 per cent, and units returning 4.9 per cent.

In Perth, rental yield for a house was 4.3 per cent, and 4.7 per cent for a unit.

The median weekly rent in Perth hit $420 in the March 2012 quarter, according to REIWA figures that found weekly rent for houses rose by $5 and units by $20 .

RP Data also found that in the three months to April, house price values in Perth took a dip with the median dwelling price down 0.8 per cent to $460, 325.

cont..

 

[HotRod]

Excellent

Rental market squeeze, high yields, median price knocking along the bottom, stock listings dropping to a balanced market levels and the RBA dropping rates to kickstart spending.

All the makings of the impetus for the next boom.

Noice.

 

[Alex P Keaton]

I'm getting $230 per week for my little unit. My kitchen is renovated.

I just noticed one of the units are asking $250 per week and its unrenovated. Another unit in the complex are asking $280 per week. This one is renovated.

Fingers crossed they go for asking price!!

ps. My unit will be neutral cash flow when I can get $280 per week. I'd be happy to get $250 per week. Any more than this will be a nice bonus.

 

[redwing]

I'm getting $230 per week for my little unit. My kitchen is renovated.

I just noticed one of the units are asking $250 per week and its unrenovated. Another unit in the complex are asking $280 per week. This one is renovated.

Fingers crossed they go for asking price!!

ps. My unit will be neutral cash flow when I can get $280 per week. I'd be happy to get $250 per week. Any more than this will be a nice bonus.

When's the next rent review?

 

[Alex P Keaton]

When's the next rent review?

In July!

The tenant is actually leaving to go interstate so its good timing!

 

[Magnum9]

After settling my first IP last week and deciding to manage it privately, I haven't seen any of this rental squeeze yet. Advertised in the West Australian Wednesday and got three phone calls, two of which were ruled out straight away, today's ad no calls yet at 11am. Rent is market value based on the few other properties available in the area - http://www.rentfind.com.au/rentals/wa/madeley/528526

I wasn't expecting to find a tenant in the first week but I was at least expecting some applications.

 

[Jamesw]

You need to advertise on realestate.com.au, and also gumtree.com.au as most renters look online now. The west is close to useless.

I think over 75% of people will use online websites when searching for rental property. There's a website that allows landlords to advertise on realestate.com.au without going through an agent.

 

[Magnum9]

None of those services will advertise for WA because they have to be a registered agent in the state they advertise in. Gumtree is a last resort as far as I'm concerned with the amount of scams and time wasters.