Investors are starting to strengthen their presence in Perth, as the number of rental listings increases, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
Data from Reiwa.com shows rental listings increased 5.7% in the state capital. Five suburbs, including Balga, Highgate, Osborne Park, Kardinya, and Piara Waters, recorded the highest gains, between 54% and 108%.
"The increase in listings since the end of the moratorium indicates that investor confidence is starting to return," said Domain Collins, president of REIWA.
The growing investor presence has been corroborated by recent data from the Australian Bureau of Statistics, which indicates a 209 percent annual gain in investor loan approvals.
"As the year progresses we should see more available rental properties come onto the market as investors return and current tenants take advantage of affordable housing prices in Western Australia to become first-time home buyers, ”Collins said. “However, this will only happen if investors are further dissuaded from buying property in Western Australia.”
The increase in the number of listings pushed the vacancy rate in Perth to 1.2% in June, the highest level since August 2020.
"While we are still far from the 2-3% required for a balanced market, the improvements observed since the end of the rent moratorium are encouraging and suggest that there is light at the end of the tunnel Collins says.
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