Are Higher Rental Returns Due in 2020?

Are Higher Rental Returns Due in 2020?

Are Higher Rental Returns Due in 2020?

We are now 2 months into the new year already and we are pleased to report we are continuing to see improvements in the Broome rental market. REIWA (Real Estate Institute of WA) analysis shows Broome rentals had stabilised with a quarterly improvement in the median price up 1.4%. This means a Broome property with a median rent of $565 per week would have seen a $15 rental increase in the last quarter.

As Broome’s leading leasing agents:

  • We can confirm our activity and competition within the rental market has certainly increased
  • We have seen multiple applications for well priced & located properties, on some occasions receiving offers above asking rent!!
  • In the last month we leased 68.2% of the leasing market according to latest national statistics (source realestate.com.au)
  • We have seen greater stability in the rental market with less tenants vacating
  • To promote rentals we send daily emails and SMS alerts advising of newly listed properties and inspection times to our database.  We regularly receive complimentary feedback from tenants to our Leasing Officer that they appreciate this service.

We know that the number of properties leased does not always reflect the true picture. The actual number of properties leased this year compared to this time last year for the number of properties leased is down. What this does indicate is that there is greater stability in the rental market with less tenants vacating.

This time last year there was double the amount of rentals being advertised so there has definitely been a change. It is very pleasing to see a slightly higher rental return compared to this time 12 months ago. Let's hope it continues not only for Broome but across the state.

If we can be of any assistance please get in touch with our team here.

Source REIWA

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