Sunday, June 29, 2014

Oversupply of New Units?

This week from Western Australia:
With the number of rentals available continuing to rise this month in Perth, the Real Estate Institute of Western Australia (REIWA) believes its putting pressure on property managers, who are becoming very stressed with the demands from owners.  David Airey, president of REIWA, revealed there’s a massive oversupply in the Perth rental market, with over 5,500 rentals available and the vacancy rate at the four per cent mark.  "There's a huge number of apartments and units being built in Perth."

Last week from Darwin:
A new apartment complex, comprising 200-300 units, may be creating an oversupply in the Darwin urban market. “It's significant when you consider that in any single month, we probably only sell between 250 and 300 properties in the Darwin CBD, the Darwin suburbs and Palmerston combined,” he said. “The settlement of off-the-plan apartments has taken a fair whack of investors out of the market.”

Next week from Beecroft?

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