Are you planning on entering the rental market in 2017, or adding a property to your portfolio? Both are big decisions to make, and it’s important that you are armed with as much information as possible. That’s why we have done the research for you! Read on to discover predictions for the 2017 rental market in Perth.
It’s a great time to rent
Perth will officially be both a renter’s and a buyer’s market when it comes to real estate in 2017. On the buying side of the coin, interest rates are incredibly low and an oversupply of properties means it is a great time to buy. For those looking for Perth rental properties in 2017, median rent prices are at their lowest in years, and a demand for tenants has lead to increased flexibility for those hoping to find a new rental that meets their needs.
Apartments are on the agenda
Nearly all Australian capital cities have been focusing their efforts on major new apartment developments, including Perth. From the far northern suburbs, to Fremantle, all the way down to Mandurah and beyond, new apartment buildings and complexes are going up after a spike in investor demand. Many of these complexes will be completed throughout 2017, and investors will be calling out for renters.
More choice for renters
2017 will see an oversupply in housing across the country, including Western Australia. Due to an increase in first home buyers taking up grants, and the outcomes of the state’s economic boom, more houses and dwellings are available than ever before. This lends to more choice for potential renters as rents tend to lower during such a period, meaning renters may be able to afford properties in suburbs that were previously unattainable. It will also allow those with goals of buying their first homes to save money on rent.
Get savvy with investing
You might be thinking: with an excess of properties available for both renters and buyers, why is it a good time to invest? Savvy investors will know that buying when others aren’t is an excellent way to stay one step ahead before the next boom comes, and before we see another period of major growth. Experts are suggesting that we’ll see more growth towards the end of 2017, so why not invest now and put your property on the rental market to begin to reap the rewards?
Despite predictions showing that the Perth real estate market will stay fairly stagnant as we head into 2017, it’s evident that renters and investors can take advantage before we see another boom. If you’re gearing up to find a new rental or investment property in Perth, get in touch with ACTON Real Estate today to find out how our experienced property agents can help you.