The South West has recorded some of the fastest leasing times for rental properties in the State, with Busselton and Bunbury featuring in a list of regional centres released by the Real Estate Institute of WA (REIWA).
In the Augusta Margaret River region, the median weekly rent has increased from $400 per week in February 2020 to $515 per week in the same period this year.
Last year, properties in Augusta Margaret River had a median leasing time of 23 days, while that figure has shrunk to just 7 days in February 2021.
REIWA President Damian Collins said the Busselton median leasing time was nine days faster than the Perth median for the same time period and 12 days quicker than it was during the three months to February 2020.
reiwa.com data showed the median time to lease a rental in the area was 11 days during the three months to February 2021.
"Property investors in the Busselton regional centre are finding tenants for their rentals quicker than any other regional centre in the state.
This has caused increased competition among tenants in Busselton and put upwards pressure on the regional centre's median rent price, which increased by $100 a week...
- Damien Collins, REIWA president
"The speed at which vacant rentals are being tenanted has a lot to do with the reduction of available rental properties in the area due to the rental shortage affecting the state.
"This has caused increased competition among tenants in Busselton and put upwards pressure on the regional centre's median rent price, which increased by $100 a week to $500 when compared to the three months to February 2020," Mr Collins said.
REIWA data shows the other regional centres to record median leasing times below the Perth figure during the three months to February 2021 were Albany and Bunbury at 16 days each.
"Albany's median leasing time has quickened by seven days when comparing the three months to February 2021 to the three months to February 2020, while the median leasing time in Bunbury reduced by 16 days when comparing those same time frames," Mr Collins said.
"When we drill down to suburb level within regional WA, of the 10 suburbs that experienced the fastest median leasing times in the three months to February 2021, four were located in the South West region and three of those were from the Bunbury regional centre.
"The 10 regional suburbs with the fastest median leasing time in the three months to February 2021 were Australind (15 days), Eaton (15 days), Bridgetown (16 days), Spencer Park (17 days), Bunbury (21), Newman (23), Kalgoorlie (24), Bulgarra (26), Cable Beach (26) and Wandina (29).
"Regional WA, like Perth, is suffering from a rental shortage and needs an influx of investor activity to inject more private rental stock into the market."
Nicky Lefebvre
I am a journalist, photographer and content creator based in the beautiful Margaret River wine region, covering all aspects of our community including local news, sport, entertainment and events, as well as providing a platform for our readers to share their voices direct from regional Australia.
I am a journalist, photographer and content creator based in the beautiful Margaret River wine region, covering all aspects of our community including local news, sport, entertainment and events, as well as providing a platform for our readers to share their voices direct from regional Australia.
