As we step further into 2024, renters are on the hunt for their next abode, and investors are strategizing their next move. Whether you're a first-time investor or expanding your portfolio, it's essential to stay ahead of the curve. We have tapped into local expertise to bring you exclusive insights into Perth's rental market. Alexandra Hawks, Principal of Aloft Property Group, shares her expert perspective on what lies ahead.
Is Rental Demand Continuing in Perth?
"The demand for rental properties in Perth remains strong, with vacancy rates staying consistently low consistently hovered below one per cent. Despite economic fluctuations, renters are actively seeking properties, resulting in a competitive rental market. This trend is expected to persist throughout the year, with limited new properties entering the market, we anticipate this trend to persist, creating favourable conditions for investors"
Have economic conditions impacted the rental market?
"Cost of living pressures have influenced rental preferences, with a notable demand for properties priced under $650 per week. This highlights the importance of offering affordable options for prospective tenants." Properties within this budget range are experiencing high demand, making them an attractive investment option for investment buyers. Properties within the $800 to $1,200 per week range remain sought-after, while higher-priced properties face longer days on the market.
What features are driving tenant interest?
"Properties located within desirable school catchment areas are attracting significant attention, particularly from families. Investors should consider the proximity of their properties to reputable schools and private education facilities to leverage this demand. Additionally, apartments with convenient access to public transport or shared amenities are appealing to tenants seeking a convenient lifestyle."
What Expert Tips for New Investors Would You Recommend?
"Securing Landlord Insurance is paramount to safeguard your investment against unforeseen events and minimise financial risks. Additionally, setting up a tax depreciation schedule can help maximise your yield by identifying depreciation deductions claimable over time. This proactive approach ensures that investors are equipped to optimise their returns and protect their investment for the long term.
Perth's rental market remains strong, showing consistent demand and promising opportunities for investors. By staying informed and collaborating with experienced real estate professionals, you can confidently navigate the market capitalise on profitable investment opportunities. Don't hesitate to reach out to me to discuss your options and begin your investment journey in Perth's real estate market.
