From the Desk of Cindy Knight, General Manager
Happy New Year 2019!
Each year brings with it a sense of hope and optimism and I believe that even as we have been through a real estate downswing over the last few years, the light is beginning to emerge at the end of the tunnel.
First, the upcoming launch of our new website. As the world becomes more data-driven, we find that our Owners and Tenants seek greater independence in researching information and having easy access to accurate information at their fingertips. That is why we are delighted to bring you real insights digitally while keeping our personal touch through our friendly and experienced team.
Second, the Rental market in Perth has seen a dramatic decline in vacancy rates, from a 7.3% average over the last 18 months to just 3.3% last month (with a 10 year average of 3.9%). We are pleased that TCS has consistently beaten the industry vacancy rates in 2018 and we will continue to our give our best in 2019.
Although rents have yet to witness a significant improvement, we expect this to take place when vacancy rates drop to below the critical point of 3%. As for the continued drop in housing prices, interestingly REIWA reports that a third of Perth suburbs are still experiencing an increase in median prices. Therefore, we expect to see an increase in rents for properties in established suburbs with limited supply of housing availability.
Finally, I would like to wish you a year filled with beautiful moments and treasured memories ahead. My team and I are always available to assist you with any real estate enquiries you may have and we look forward to a successful 2019 together.