Perth Employment & Rental Market

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Some interesting articles relating to Perth’s rental market and employment statistics have recently been published, below is a brief summary:

Perth Employment Market:

  • An increase of 50,000 new jobs in Perth has lowered the unemployment rate by 0.9% to 5.7%
  • Currently there are 908,500 Western Australians in full-time jobs, this is only slightly under the boom time peak of 954,700 full-time jobs in 2012
  • Improving economic conditions in the state is driving this jobs recovery

Perth Rental Market

  • The number of vacant rental properties has fallen by 3,000 over the last two years, this has been spurred on by the job surge mentioned above
  • The average “family home” is taking 7-14 days to lease upon becoming vacant
  • According to Shane Kempton of Professional Real Estate Group in WA, he believes the rental market bottomed out in mid-2017 and we have seen no noticeable declines since then
  • Shane Kempton also predicts a wave of rental demand to spread across WA in 2018 as demand will start to outstrip supply

Rental demand, employment rates and buyer sentiment are all factors that drive property prices. 

If you would like to read these articles please visit the links below:

https://www.smartpropertyinvestment.com.au/research/17505-perth-rents-set-to-rise-in-tight-rental-market

https://www.smartpropertyinvestment.com.au/research/17485-wa-jobs-boost-predicted-to-help-property-in-2018