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Has Perth's residential rental bubble burst?

  • 18-07-2013 4:11am
    #1
    catbear
    Closed Accounts Posts: 5,092 ✭✭✭


    And down she goes!
    "The honeymoon period where people would turn up to home opens and there would be queues out the door have stopped now.

    "Sometimes I can have one or two people coming through a property that I have open, or in the worst case scenario sometimes [none] at all."

    He says rental enquiries, which often act as the litmus test for the market, have also dropped.

    "About six months ago I could have been inundated with phone calls as soon as I listed a property," he said.
    http://www.abc.net.au/news/2013-07-18/has-perth27s-rental-bubble-burst3f/4827906
    I'm on a month to month lease, must see if I can get a reduction.


Comments

  • #2
    Xavi6
    Registered Users, Registered Users 2 Posts: 40,919 ✭✭✭✭Xavi6


    Good news for folk moving over. I was looking for a rental this time last year and even the biggest shit holes going had 30 or 40 singles/couples/families having a look and taking applications. Places were going for a fair whack over the asking price.

    Luckily I'm a citizen and got sorted in the end but it was a pain in the hoop for folk with no rental history in Perth, looks like landlords will have to be less picky based on that.


  • #3
    catbear
    Closed Accounts Posts: 5,092 ✭✭✭catbear


    Now to get rid of those pesky quarterly invasions of privacy by estate agents!

    Check out this link, enter your postcode and see what the rental vacancy rate is doing.
    http://www.sqmresearch.com.au/graph_vacancy.php?postcode=6000&t=1
    I put in Perth CBD, vacancy has tripled in a year!


  • #4
    No6
    Registered Users, Registered Users 2 Posts: 2,489 ✭✭✭No6


    It's the same here in Kalgoorlie, a year ago when we got here you were lucky to have a tin shack listed, there quite a few nice houses available now with the rents dropping.
    It will be interesting to see where it all goes.


  • #5
    hedgehog2
    Registered Users, Registered Users 2 Posts: 317 ✭✭hedgehog2


    The vast amount of properties being bought in Melbourne,Sydney were to foreign buyets mainly Chinese,commercial orooerty they own a heap.
    This market is slowing now and for the average joe you would want your head examined to dipp into real estate right now.
    Weve all called it a long time back but a huge correctiin in prices is on the way and landlords will not be so picky once it happens.
    I cant see rents coming down much in Perth,Sydney but what will happen might be a token reduction where the prices will remain static.


  • #6
    catbear
    Closed Accounts Posts: 5,092 ✭✭✭catbear


    hedgehog2 wrote: »
    I cant see rents coming down much in Perth,Sydney but what will happen might be a token reduction where the prices will remain static.
    Early days yet but I think Perth rents will become competitive, it's about supply and there's plenty of new properties coming onto the market in the next while. I don't know anything about the Sydney market so I won't comment on that.


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