Decrease in rent prices drawing people closer to CBD says Abel McGrath

Decrease in rent prices drawing people closer to CBD says Abel McGrath
Decrease in rent prices drawing people closer to CBD says Abel McGrath

PEOPLE are taking advantage of the decrease in rent prices over the past few years and moving closer to the CBD, according to Abel McGrath – The Property People Claremont.

Investor service manager Sandra Pereira said the agency had also seen an increase in owner-occupiers selling and moving into the rental market in the past 12 months.

“Currently there is high demand for homes with four or more bedrooms priced over $1000 per week,” she said.

“We are finding that these properties are leasing at much faster rates than homes in the $500 range.”

Looking at a specific suburb, Ms Pereira said the average rent for a house in Claremont was $695 per week, with an industry average of 65 days on the market.

The average rent for units was $428, with an industry average of 98 days on the market.

“The rental market is competitive and price-sensitive,” Ms Pereira said.

“However, properties that are well-presented, that have good internet presence, a proactive agency and are priced competitively, will lease well below |the suburb’s average days on market.”

When it came to property features, Ms Pereira said airconditioning was expected and was a must for investors to consider.

“Tenants are also looking for ample storage, undercover parking and we are encouraging investors to consider pets upon application,” she said.

Abel McGrath Claremont expects the market to remain unchanged over the next year, but an increase in population could have a positive impact on the rental market.

Principal Carmel Gardiner said it was a great time to purchase an investment property.

“House values are possibly at the bottom of the cycle and factoring the current rental returns in your financial assessment, buying an investment makes sense now,” she said. n