Rental Market Update July 2021
What's happening in the Busselton Rental Market this winter?
It’s almost the middle of winter – what would usually be a quieter time in the Busselton rental market. Not in 2021!
The momentum gained in the rental market last Summer has showed little sign of cooling off, despite the change in season. We’re excited about the hive of activity…and of course, the promise of warmer weather on the horizon.
What’s contributed to the uplift? Western Australia, and particularly Busselton, has seen an increased demand from new residents moving into our community.
They might be returning home, seeking a sea change or relocating closer to family – all have led to a surge in demand here in the beautiful South West.
With an improvement in the established homes market, the sale rate of investment properties in the region has also been increasing. This coupled with a trend of investors moving back into their homes has seen the supply of rentals contract even further. (If you’ve got an investment to sell, stay tuned – we’ll have another blog of the sales market later)
These trends have contributed to the lower number of available rentals in the greater Busselton market. We’ve seen the number of available rentals hover around the 20-30 properties a week; a figure that has historically been 2.5-3 times that.
What does that mean? You guessed it – the limited supply and higher demand has seen strong returns held across the region.
Busselton Rental Price Trends 2021
Our good friends demand and supply have worked together to see an improvement in returns across our local market. On average, and in broad terms, you could be achieving:
- 20-25% more per week for a 3×2 home, compared to March 2020
- 15-20% more per week for a 4×2 home, compared to March 2020
Important note – this a broad market overview based on averages within the local area. If you want to crunch numbers specific to your property, get in touch with our team so we can chat through the stats with you further.
Busselton Vacancy Rate
According to REIWA, the Real Estate Institute of Western Australia, the current vacancy rate in Busselton is just 1.2% (May 2021). Figures of between 2.5 to 3.5% represent a balanced market.
What will happen to the Busselton rental market next?
That’s always the big question. We might not have a crystal ball, but we can certainly make some educated estimates based on our extensive local knowledge and analysis of our catchment. If you’d like to chat through these forecasts with us over a coffee, reach out to us today.
Whatever is on the horizon, we have a skilled and dynamic team with over 76 years combined experience ready to help you maximise return on your investment and minimise your workload!
