If you have been thinking about investing in South Bunbury rental property, then now could be the right time to enter the market. The latest figures from the Real Estate Institute of Western Australia (REIWA) show that the Perth rental sector is struggling at the moment, which may lead investors to look elsewhere.
In fact, the rental vacancy rate in the Western Australian capital increased to 4.9 per cent during the three months to May. This makes it the highest level seen in the past six years.
REIWA President David Airey said: "The competition among property owners is having an effect on price, with the metropolitan median rent dropping by $5 on the March quarter to $425 per week, which represents a cut of $25 on the same time last year."
Estimates suggest that Perth's median rent peaked in mid-2013, but has since fallen by around ten per cent. As a result, there is growing pressure on landlords to ensure properties are up to the required standard in order to attract tenants – and the sort of rents they are likely to expect.
Another challenge that Perth landlords are facing at the moment is being able to maintain good tenants, which may be especially difficult with the vacancy rate so high.
According to figures from the Real Estate Market Facts publication by Bendigo Bank and the Real Estate Institute of Australia, the national property sector should be thriving at the moment. If you are thinking of buying property in South Bunbury or any other part of Western Australia, this could work in your favour if you research which are the best performing suburbs.
Figures show that the average capital city median price increased 2.4 per cent for houses during the first quarter of 2015. For all other dwelling types, the rise stood at 1.5 per cent.