Rentals
Available
1,858
Current
Vacancy Rate
0.5%
Average
Rent
$650 p/w
Phase 2 of the RTA reforms is set to be implemented from 29th July 2024, encompassing restrictions to rent increases to once every twelve months, guidelines regarding pets, minor alterations and the introduction of a new dispute resolution system.
So what does this actually mean?
12-month limit on rent increases
This will void any 60-day notices that have already been served.
For fixed-term leases, the restriction will come into play once the existing term of the lease concludes.
Rent reviews every six months in agreements signed prior to 29 July will remain valid.
Pets
In many instances, tenants will be permitted to have pets, provided they obtain consent from the landlord.
There is a designated procedure which must be adhered to, requiring tenants to request permission through an authorized form.
Subsequently, the landlord will have a 14-day window to respond and act, should they wish to impose conditions or reject the request.
Conditions that don’t require approval:
> The number of animals that may be kept at the premises.
> The cleaning, maintenance or fumigation of the premises in relation to keeping pet.
Landlords still retain the right to refuse pets if allowing one would violate any written law, local regulation, or scheme by-law.
According to the law, tenants are responsible for their pets, including any disruptions or damage they may cause
and it specifies that pet-related damage is not classified as general wear and tear.
Minor modifications
There is a whole list of minor modifications that in most cases, the tenant will not be required to seek landlord approval for – but will require a professional tradesperson to carry out.
To view the list visit the REIWA link here.
Dispute resolution process
Issues concerning minor modifications and pets will be resolved by the Commissioner for Consumer Protection,
who will assess submissions and may request additional information from both parties before issuing an impartial decision.
If you would like more information about the changes and how they may affect you, please speak to your Property Manager or visit the official DMIR page.
Sales Market Update
Despite 13 changes to interest rates, the population increase into WA and the low supply of stock have resulted in another strong quarter for sales across the Perth market. Regardless of having one third of the stock typically available (3,144 listings) there has been a slight uptick in the number of weekly transactions – from 900 this time last year to 1071 in July. The surprising number is the average days on market, which was 14 days on market and is now 8 days in July!
Rentals Market Update
Rentals are taking 17 days, compared to 15 last month, to lease with rent starting to stabilise. June median rent was $590 per week. July is $600 per week. This compares the median rents last year at $500 per week.
Outlook Ahead
We don’t believe anything will change much in the next twelve months. Traditionally we see a slight lull in transactions throughout the Winter season and an improvement moving into Spring. This may be affected by interest rate changes in the third quarter of 2024. The experts are undecided as to whether the interest rate is going to remain stable or be increased by the Reserve Bank in August or September. Stock levels certainly aren’t increasing so there will be modest price rises in the second half of 2024.
Our Company News
Selling this financial year?
Welcome to our new window AND of course, to the new financial year! 🏘️ Do you or your accountant need a financial update for your property’s value? Contact our team of experts today to book an Appraisal today.
Wrapping up EOFY
We recently held another successful Company AGM & EOFY Celebration, followed by a delicious meal shared together at Ludo. Bring on another year of #thebestexperience, full of both small and significant victories, challenges and successes.
REIA Awards For Excellence
We had a wonderful time in Tasmania celebrating the 100th Year Anniversary of REIA at The National Awards for Excellence 2024. We were grateful to receive a nomination for Medium Residential Agency of The Year, although we missed out on a win this year.
Tenant of the Month
This month, we would like to feature Micaela and Facundo of Como.
They have rented with us for two years. “The tenant is an absolute pleasure to deal with, they are very reliable in paying the rent on time. The property is spotless and always beautifully presented,” said Dom our Senior Property Manager.
Contractor of the Quarter
Over the last quarter, Doc Hayward have provided exceptional service.
We would like to recognise their amazing efficiency over the last few weeks – specifically responding very promptly on three seperate occasions. In less than a week, two of our tenants had to have new hot water systems replaced and they responded and resolved fantastically. It is hard to come by a great plumber who is not only efficient, but does a great job! Thank you from our Property Management team.
Great Investments
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OFFERS IN THE $500’s
Looking for a stylish and contemporary apartment that offers the perfect blend of comfort and convenience? This near-new single bedroom home, recently built in 2020, is designed for modern, resort style living and provides an exceptional lifestyle opportunity.
Property Details:
1 x 1 x 1
