Yanchep records fast leasing time in November

WA’s rental shortage remains a critical issue for the state’s rental market, according to REIWA. File picture: Yanchep News Online

YANCHEP was among the suburbs recording the fastest median leasing times in November, according to REIWA.

The top 10 were Byford (seven days); Meadow Springs, Seville Grove and Innaloo (eight days); Canning Vale, Tuart Hill, Duncraig and Yanchep (nine days); and Mosman Park and Balga (10 days).

REIWA chief executive officer Cath Hart said it took a median of 14 days to lease a rental during November, one day faster than October and three days faster than three months ago.

There were 1870 properties for rent on reiwa.com at the end of November, an increase of 12.8 per cent on the 1658 reported at the end of October, but 20.5 per cent lower than the same time last year.

Ms Hart said the rental shortage remained a critical issue for the WA rental market.

“Over the past 18 months we have seen a significant reduction in the number of private rentals as investors sell to take advantage of capital growth or take their property off the rental market for their own use,’’ she said.

“We desperately need more investors, unfortunately those who want to invest are faced with the same difficulty of buying a property in this market as owner occupiers.”

There were 8642 properties for sale on reiwa.com at the end of November.

This is an increase of 5.8 per cent on the 8169 reported last month, but 5.1 per cent lower than levels seen a year ago.

Ms Hart said the delays in the building industry coupled with some hesitancy, were affecting the number of properties for sale.

“People who are building new homes are reluctant to list their current home before their new home is complete,” she said.

“People looking to buy an established home are also waiting to sell until they have found a new home – this reduces the number of properties for sale.

“Building completions are expected to improve over the next 18 months and when they do the low supply of established housing will start to improve.”