Shifting Rental Dynamics
While the rental market continues to thrive, we have observed a gradual shift in viewing attendance.
The cost of living concerns continue to influence Australian’s decisions and the rental market is no different. Potential tenants are adopting a cautious approach in their budget and this has increased demand for rentals of $500 or less per week.
On average, properties in this range are extremely popular with a large amount of foot traffic on viewings and being leased within a weekend. In the $500+ bracket, enquiries have slowed, with one to three people attending viewings. This trend is expected to continue as the Australian economy continues to slow.
We have also observed a slowdown in rents for properties listed above $1,000 per week. Property owners who previously sought $1,500 are now adjusting their asking prices to $1,250, and some have even come down to $1,000.
While the demand remains healthy, property owners should set realistic rental prices, as over-optimistic rates could deter potential tenants in this changing landscape.
The current market environment has seen a rise in tenants breaking their leases to share accommodation to help alleviate their financial stress. In some instances, tenants breaking their leases have proactively arranged for substitute tenants, resulting in a seamless transition for landlords.
This new trend presents an opportunity for investors to accommodate changing tenant needs, ensuring a steady rental income and reducing the time spent trying to find and vet new occupants.
A Growing Demand for Furnishings
The allure of fully furnished properties is making a powerful comeback in 2023. With the influx of 52,000 people into Western Australia over the past year, many migrants and returning expats are seeking the convenience of a fully furnished home.
Previously, it was uncommon to recommend fully furnished properties to owners. However, the evolving market demands have shifted this perspective. While we previously did not recommend leaving furniture, it has become an attractive option for owners, streamlining the sales process, taking one thing off a seller’s list and catering to the needs of incoming owners.
Introducing Bourkes' very own podcast: Perth Property Pod
We are thrilled to launch our very own podcast – Perth Property Pod. Alan and Joe sit down to discuss hot property topics, answer the questions that keep our clients up at night and chat with other experts in the field.
You can check it out on YouTube now, coming to your normal podcast apps very soon!
We are delighted to see an increase in our Google reviews from 300 to 332, with an average of 4.7 stars. We take immense pride in knowing that our clients are happy with our work, and we ask that you take a moment to support us by leaving us a five-star review. You can do so via the button below. Your feedback helps us to continuously improve our services and assist our clients with their property needs.
Thank you for your support and for choosing Bourkes as your trusted real estate agency.
Tenant of the Month
Tenant Spotlight: Celebrating Pauline Ontiveros, Our Exceptional Tenant of the Month for June!
Join us in applauding Pauline Ontiveros, an outstanding tenant who embodies the true spirit of exceptional living. With her unwavering commitment to care for her Bourkes property in Cannington, Pauline sets the bar high for what it means to be an exemplary tenant.
Her punctual rent payments, meticulous upkeep of the property, and considerate approach in all communications with our property management team truly showcase her remarkable qualities.
As we recognize Pauline as our Tenant of the Month for June, we honour her as a shining example of the values we hold dear at Bourkes. Her exceptional qualities epitomise the aspirational, confident, and familiar spirit we foster in our community.
Contractor of the Quarter
Celebrating Essential Property Maintenance
Their unwavering dedication to excellence and commitment to exceptional service have truly set them apart in the Bourkes community.
With their swift and responsive communication, the team at EPM has consistently demonstrated their dedication to keeping our properties in top-notch condition. Their efficient and effective approach to maintenance jobs ensures that issues are resolved promptly, allowing our tenants to enjoy their homes with peace of mind.
Thank you, Essential Property Maintenance, for your ongoing commitment to excellence and for being an invaluable part of our Property Management team!
If you’re in need property maintenance for your own property, contact them today.
Best Offer by 1st July (Unless Sold Prior)
Welcome to 1/12 Robert Street in riverside Como. A striking townhouse with no strata levies that boasts a unique street front position and the ultimate lock-up-and-go lifestyle.
There are many things to love about this three-bedroom, two-bathroom double storey property. Beautifully presented throughout the home has a wonderful feel about it and is the perfect foothold into this highly desirable area. Where value seems to be a rare commodity in today’s market, at an attractive price point this home will suit the most discerning of buyers. Whether you’re starting up, slowing down or investing for the future this opportunity makes perfect dollars and sense.
3 x 2 x 2 Town House
Contact Agent for Price Guide
Located within easy access to both public and private schools, public transport, cafés and within walking distance to the Swan River this renovated apartment, in a well-maintained complex should be at the top of your shopping list this weekend.
This ground floor apartment has been recently renovated so you can move in and enjoy life. It has generous sized bedrooms, a large bathroom/laundry combined, and the kitchen/ dining/ living space is open plan, making it super functional.
Other features to love:
– Light and bright interior
– Newly renovated throughout
– Ground level apartment
– Allocated parking bay
2 x 1 x 1 Apartment
Best Offers $369,000
tunning and secure, this two bedroom ground floor apartment comes fully furnished with everything required for riverside living. Move in, unpack and enjoy!
This modern unit has a well equipped kitchen with stainless steel appliances and an open plan lounge | meals area which leads out onto a beautiful and well maintained garden.
If you are looking for a riverside first home, downsizing to a single level or an easy care investment with low costs then look no further, make your enquiry TODAY!
2 x 1 x 1 Apartment