It’s no secret that rents right across Perth have been falling this year. The Real Estate Institute of Western Australia (REIWA) has just released figures that show median rent has fallen again during the September quarter, to $410 per week, down from $450 twelve months ago and $475 from eighteen months ago.
Despite this news, there are suburbs that are showing impressive rental yields – you just need to know where to look. We’ve highlighted a few for you.
Armadale – 2 bedroom unit – Rental Yield: 6.5%
Armadale continues to be a solid area for investment. It has become a significant regional hub, fed by new residential developments in Byford, Hilbert and Haynes. The suburb is serviced by good transport facilities; it features several large shopping centres; there are five local schools, and nineteen parks and reserves scattered around the suburb.
Armadale is a city of renters, with 38.6 per cent of local properties occupied by tenants.
Mandurah – 2 bedroom unit – Rental Yield: 6.4%
Mandurah is no longer just a holiday haunt: it is has grown into a thriving community providing all the pros of a ‘sea change’ without being too far from Perth. Mandurah features some amazing developments, particularly apartments and smaller dwellings, located near the city centre. The Mandurah-to-Perth railway line makes commuting possible. More than 57 per cent of people living in Mandurah rent.
Morley – 3 bedroom unit – Rental Yield: 5.9%
The only northern suburb to make our list, Morley has shown consistent market demand throughout the last year. Morley is a well-established suburb, ideal for families with kids. The suburb is home to seven local primary and high schools. Nearby Morley Galleria is one of the largest shopping centres in the state and offers everything from supermarkets to movie theatres. Morley has a good public transport system, is close to Perth Airport and is just nine kilometres from the Perth CBD.
Rivervale – 2 bedroom unit – Rental Yield: 5.9%
This southern suburb is bordered to the north by the Swan River and offers quick access to the Perth city centre and airport. It has been undergoing a renewal during the last few years and offers renters affordable homes in a superb location. More than 51 per cent of the suburb’s dwellers are renters.
Medina – 2 bedroom house – Rental Yield: 5.8%
Rounding out our list is Medina. The rental yield for Medina has stayed fairly consistent over the last four years. Medina has a mix of different properties to interest investors, from established homes on large blocks to cottage-style homes and units. Medina is close to Kwinana Marketplace and has easy access to the freeway, with good public transport. Local schools include Medina Primary School, Gilmore College, St Vincent’s School in Parmelia, Peter Carnley Anglican Community School in Wellard. Just over 35 per cent of properties in Medina are rentals.
Do you have a property in any of these areas? Speak to the team at Rentwest Solutions today to help maximise the return on your investment.
*Information used in this article was provided by realestate.com.au. Please note, this information is intended for general information only. This information does not take the place of personalised advice prepared for you by a professional.