Now is a great time to own houses to rent in Bunbury, according to recent data from the Australian Bureau of Statistics (ABS).
The ABS reported on April 8 that rent payments in Western Australia rose more than every other state and territory over the past few years.
"Local government areas in Western Australia recorded some of the biggest growth in median rent payments in Australia, with eight out of the 10 fastest growing regions located in Western Australia," said ABS Director of Rural and Regional Statistics Lisa Conolly.
"It is important to note that the cost of renting in a region may change over time due to changes in workforce demand, population growth or decline, or changing tenure arrangements."
For investors in Bunbury rentals, this should come as fantastic news. Higher rents equal greater income coming in. However, investors should also be wary if rents are to rise too high, as this could lead to more home seekers entering the property market on their own.
"Nationally, rental costs increased by more than mortgage repayments with the median weekly household rent rising from $191 in 2006 to $285 in 2011 – an increase of 49 per cent," Ms Conolly stated.