- Posted By Rebecca Bell
Locally in Broome our Vacancy Rate at First National is currently 0.3%. According to the Real Estate Institute of Western Australia (REIWA) Perth's rental market’s vacancy rate has dropped to 1.6% - the lowest it's been since March 2008. REIWA President Damian Collins said a vacancy rate around 3% is generally considered to create a good balance between supply and demand and rents are stabilising.
In Broome the impacts of limited stock show it is only a matter of time before rents may rise. In some areas of Perth agents have reporting rents are already on the move up. According to REIWA it's not only Perth and Broome but other area's including Albany and Kalgoorlie which are now at 0.9%.
Currently there are only 47 properties available to rent in Broome with a long list of prospective tenants waiting to find suitable homes. There are many factors which can attribute to a low vacancy rate including a lack of new supply due to investors staying out of our market and investors using the opportunity of a stronger sales market to sell their investment properties.
If you were ever unsure whether now was a great time to consider adding to your property portfolio we have some great new listings to come to market. If you are interested in development we have a new listing with two properties being sold together to facilitate multi development - more details are available here.
We also have this beautifully presented Cable Beach property due to come on the market in the next couple of days - take a sneak peak here.