Property Market Review 2017
Well 2017 certainly flew past! And what a busy, ‘yoyo’ year it was, it was feast or famine with tenant enquiries.
We saw the vacancy rate rocket to an all-time high of 7.3%*, though our usually quiet leasing period, throughout winter, was quite the opposite. Large top end/executive properties were in high demand, due to 60 corporate oil and gas staff relocating to Perth, along with an influx of Irish doctors who came into Perth looking to share large houses.
At the beginning of the year 10,914* rental properties were available and at the beginning of December we have seen about a 17% drop in available properties of 9,309*. This reduction has been due to owners moving back into their properties and first home buyers moving into the property market. Currently the Perth vacancy rate has dropped to 6.3%*a figure we haven’t seen since June/July 2016. REIWA recently reported that leasing activity increased by 4.7% per cent over the September quarter – this is giving us a positive feel for 2018.
We’d like to thank you for a successful 2017. The use of professional photography, property presentation, correct pricing and proactive marketing has seen our properties lease on average in 36** days compared to others in our market place of 57** days – that is equivalent to 3 weeks rent.
We welcome Kaylee Ferguson as Head of Department, as Sarah Goodsell returned to her home town on the Victorian New South Wales border. With over 11 years experience in the property management sector Kaylee has the expertise to continue to develop and implement our procedures and strategies within our department.
Finally on behalf of everyone at The Property Exchange, I wish you a safe and happy Christmas and break over the New Year period and look forward to a positive outlook for 2018.
(* courtesy REIWA)
(** courtesy realestate.com.au)