WA Property News
In the world of property investment, cash flow is king. And right now, in Perth, there's a royal opportunity for investors, thanks to an incredibly low rental vacancy rate of just 0.7%. This tight market is creating an environment where rental yields are attractive, presenting a compelling case for investing in house and land packages in this vibrant city.
A Market Ripe for Investors
Reflecting the macro conditions, Perth's land sales market has seen remarkable growth over the past couple of years, with increased interstate migration, robust population growth, and a surging economy. However, one of the most eye-catching statistics is the plummeting rental vacancy rate. At a mere 0.7%, the demand for rental properties is significantly outstripping supply.
According to Darren Meakins, Director and Licensee of Land HQ wa, “The current tight rental vacancy rate means...
Perth is witnessing a remarkable period of growth, driven by a significant influx of residents and a subsequent rise in property prices.
Fuelled by Australia’s strongest state economy and the attractions of a major modern city, including new rail and road infrastructure, it’s easy to see why more families are moving west to take advantage of Perth’s fantastic lifestyle and employment opportunities.
Perth’s Population Surge
According to Australian Bureau of Statistics (ABS) data, in March 2023, Perth’s population reached an unprecedented 2.855 million, marking the most rapid growth nationally. Concurrently, the rental market tightened further, exhibiting a historic low in vacancy rates.
This growth comes on top of existing high levels of inbound migration. Western Australia experienced a population growth rate of 2.3% in 2022, surpassing the...
Darren Meakins and Richard Wetterhahn highlight the increasing demand for smaller blocks of land in Perth in response to increasing density and limited land availability.
Together they explain the use of R Codes, which allow for smaller blocks of land while still constructing spacious homes.
By bringing the house forward and building closer to the side fences, new home owners are able to maximize smaller plots of land and create larger homes with outdoor living areas.
This approach enables people to live in desirable areas while keeping costs down.
