- A line of more than 40 people for a Beaufort St rental viewing went viral.
- Perth rental market tight, vacancy rates for the locality 2.8% in December according to SQM Research.
- Property listed for just under the average weekly rent, at $370.
A rental inspection went viral in Western Australia over the weekend, with lines stretching around the property.
The one-bedroom apartment on Perth’s famous cafe-strip, Beaufort Street, had interest from more than 40 potential renters.
The Property Tribune spoke to James Limnios, CEO and Managing Director of Limnios Property Group about the home open that drew a crowd.
In the age of COVID it means distancing is a must, and maintaining a contact register was also required, Mr Limnios said, “It’s possibly the new normal”.
He told The Property Tribune, “there’s been a huge surge in demand for rentals”, and:
“What’s happening is you’ve got pent up demand from people coming back home from overseas in conjunction with the policy introduced by the miners, with FIFO workers having to live in WA.”
Buyers are also going all out to secure a place to call home, Mr Limnios said some potential renters were offering to pay for the whole contract upfront.
Although the demand is high, finding the right tenant is still important, Mr Limnios said rentals were typically off the market after one or two home opens.
The Perth property is one of very few on the market, with Western Australia experiencing all-time low vacancy rates; SQM research says the current vacancy rate sits at 0.9%, the rate for the suburb in question is 2.8%.
That doesn’t go to say there’s nothing on the market, weekly rental listings under 30 days sat at 97 last week, 177 overall on the market.
In other news, homeownership is still the dream for many, The Property Tribune recently reported many in the low to medium income brackets will likely be renting long term.
In Perth however, people are quick to snap up properties in the outer reaches, The West reporting Wanneroo and Rockingham were hot suburbs for buyers, especially with median house prices floating around a tantalising $300,000.