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WA property vacancies surge

15 October 2009 Reporter

While vacancy rates are sitting at historic lows in NSW, it seems Western Australia is suffering from the reverse.

The number of vacant properties to rent in Perth has hit its highest level in 14 years, with the recent surge in first home owners largely responsible.

According to figures from the Real Estate Institute of WA (REIWA), the western state has a vacancy rate of 4.8 per cent, one third higher than the June quarter and the highest level since December 1995.

REIWA president Alan Bourke said the surge in vacancies was thanks to strong demand from first home buyers and an increasing number of new homes being built.

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But despite the surge in vacancies, the average weekly rent did not drop for the quarter, staying at $360.

APM economist Matthew Bell said rents would probably start increasing early next year as the economy improved and the first home owners grant was phased right back, resulting in fewer first home buyers.

 

WA property vacancies surge
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