Market Updates

RENTAL SYNOPSIS JANUARY – APRIL 2018

There are currently 183 properties advertised for lease (across all agencies in Port and South Hedland). This number has remained steady for the past 12 months indicating the market has STABLISED with rental rates remaining steady. There have been some slight increases – and decreases – in prices but overall, we are experiencing a NORMALISED market. The team at Hedland First National continue to lease between 40 – 50 properties during active months and advertise between 30 -40 for rent. The private sector is very vigorous as 70% of our applicants are now young couples, individuals and families; this is mainly due to the reduced prices and therefore affordability. Our corporate clients continue to obtain property mainly above $600 per week where homes become part of a salary package.
The days vacant has decreased significantly in the past 12 months. Where some properties would remain vacant for several weeks before a new tenant was sourced, we are now noticing 80% of our listings are leasing before the vacating tenant has left.
This is due to property owners pricing their homes competitively and not trying for an unachievable rent ultimately resulting in a stale listing and extended vacancy period. Download attachment