As an investor will no doubt know, it pays to do your homework before buying into any type of property. The latest data from the Real Estate Institute of Western Australia (REIWA) suggests that Perth might not be the wisest choice at the moment, opening up the potential for investing in rental property in Eaton.
REIWA figures show that vacancy rates have recently been increasing across the capital – and there's every chance that they could rise even further. The April vacancy rate stood at 4.5 per cent, which means there are currently around 7,616 rental properties that do not have tenants.
"There was a seven per cent jump in rental listings during May, adding to 44 per cent more rental properties to the market than the same time in 2014," revealed REIWA president David Airey.
Perth investors have also witnessed a decline in median rents across the city. At present, it costs an average of $425 a week to rent a property. This marks a 10 per cent reduction from the peak of $475 that was seen back in June 2013.
If you are thinking seriously about making an investment in Bunbury rental property, there could soon be more options than ever for you to choose from. The city council revealed that a land use change application has been accepted on Koombana Drive, which will make way for the construction of a four-storey residential complex.
Previously, there had been a number of restrictions in the area, but these have now been loosened in a bid to attract more residents. For the first time, it will be possible for the development to reach a height of 18 metres, enabling it to provide both short- and long-term accommodation.
There are high hopes that the area will be popular due to its proximity to the CBD and positioning opposite the Koombana Bay Holiday Park.