Higher Density Living in Perth

Well, the state elections are not far off, and hopefully one of the issues that gets aired will be the need for higher density housing in and around the Perth CBD area.

There are more and more people working in this district than those in the fringe or new suburbs, and yet the amount of homes being built just can't keep up with the influx. One of the issues I know that the people will be demanding a look-in are the soaring rent prices. We're a rich State, but the rent prices are making it hard, if not impossible for those of a median income to live closer to where they work or study.

In the year ending September 2012, rents had risen by over 15%, and it looks as if this trend will continue if a higher density plan for housing isn't put into place soon.

Read about this in more depth in my article published on Business2.com.au.

Perth Rents To Rise - Get a Rent Check On Your Property!

Welcome to 2013! A few months ago, Limnios Property Group had a record low of rental vacancies, at a rate of about 1%, well today that is well below that, standing at .02% - which means rents around the Perth CBD area are about to rise again!

If you have an investment property within 5kms of the CBD, you’d be doing yourself a favour getting a rental check done by a reputable agent, someone who knows the area well and has their finger on the pulse of real estate trends and the local economy. 

Why? Because with the scarcity factor of rental properties in these areas, your investment could be worth more in the rental market than you think. So before you re-advertise or re-assess your tenants, make you aren’t undervaluing your weekly rental income. Finally, it’s not just about your property being worth more, a rental check can ensure that the terms and conditions are the best you can get and that you get the best tenants!

To read more about rental prices rising, have a look at my recent article on The Home Page. http://www.thehomepage.com.au/news/perth-rent-could-rise-by-up-to-20-in-2013/

Migrants struggle to find accommodation in Perth

Migrants finding the accommodation search difficult

By James Limnios
Thursday, 22 November 2012

If you've recently moved to Perth for work, or to settle down, finding permanent accommodation close to the city is proving difficult. Even apartments in the city have a very low vacancy rate, so you have some stiff competition when applying for a rental.

We've found recently (at least, at Limnios Property Group) that one in three applications for rentals are from migrants or people from out of state, and they might not have the rental history in WA to get that rental.

There are plenty of rentals in the outer Perth suburbs, so keep that in mind, however if you intend to use public transport then make sure you do your homework. If you are set on applying for something inner city, then be prepared for something less attractive, however the benefit is that it will be close to all the popular amenities Perth has to offer.

See my last post about compiling a renter's resume, as this can give you the edge in your application!

To read my full article about newcomers to Perth finding accommodation, visit the Property Observer website.

A Renters Resume

A Renters Resume

James Limnios | 16 November 2012

People moving to Perth for work are going to be surprised that it’s a tough rental market out there, with less than 2% vacancy rates in general, falling to below 1% in the inner city areas. I’ve mentioned before that there are 1000s of people arriving in Perth every month for work, or to look for work, and unfortunately with the fierce competition out there, not many of them are going to find a suitable home at the right price.

If you are moving from interstate, or even overseas, a good renter’s resume is something that you should compile before you start looking for accommodation. It’s not something that has been needed in the past, but those days are gone, and available rental properties are getting rarer; you need something to give your application the edge.

1.              References

Make sure you have the most up to date details from your previous landlords and property managers for reference. A written reference from these contacts will be invaluable and show your new prospective property manager that you mean business. If you have never rented before, get references from your university housing manager or written professional references about your character. It may not seem relevant, but it will give the landlord something more to go on, and help them put a face and personality to your application.

2.              Work History

Renting a house or apartment is like looking for a job, so include your professional history on your renter’s resume. This shows a few things; firstly, that you have gainful employment and shows how long you have been in the workforce, secondly it shows another insight into who you are.

3.              Credit Report

If you can get your hands on your credit report, this will save the landlord and the property manager some time and effort in evaluating your application. If your report isn’t as rosy as you’d like it, then you have an opportunity to get your affairs in order before you start applying for properties. If it’s golden, then it’s another feather in your cap for your application.

Some of these details will be repeated on the official REIWA application, but if let them know you are serious, organised and prepared, then you will stand out and make a good first impression.

How should I choose a Perth apartment for investment?

How should I choose a Perth apartment for investment?

James Limnios | November 2, 2012

Buying an apartment for investment purposes can be a bit of a mine-field. Perth apartments are on the rise, but you have to make sure you find one in a great location so that you'll have prospective renters lining up. 

Look at the location; is it in a quiet street? What amenities are within walking distance? Is there transport available nearby? Some of the other things to look at include the age of the building, and whether the apartment is an upper floor or ground floor dwelling. If there is a lot of work to be done on the apartment itself as well as the building, ask the questions of the strata management to see what's in the works.

I recently published an article about this in depth here at australianpropertymarket.com.au so have a look and read more about choosing an apartment for an investment.

Rent Increases in Perth City Properties

October 23, 2012

By James Limnios

 

There is a huge demand on rental properties in the Perth inner suburbs at the moment, which means that rents are going through the roof. At time of writing, the average rent for an apartment in the city is about $100 more than an average house in a neighboring suburb.

At Limnios Property Group, we have about a 1% vacancy rate for inner city apartments, which is putting huge pressure on the market. It's not all bad news, as this is a great time to invest in these properties to give the rental market a boost.

To read more about the rising rent prices in Perth, click through to my article "Inner City Rent In Perth Skyrockets" on the Real Estate View blog.

City Link Project Needs To Re-Vamp Fitzgerald Street

October 5, 2012 

By James Limnios

Perth City, and Northbridge are currently going through a bit of an 'in-between' period, where the facelift process is only part way through. All the changes and upgrades are definitely welcome if we want Perth to look great on a world stage. 

The $3 billion City Link project is one of those projects that has the potential to revitalise the city and it's surrounds, but in looking at the areas they are concentrating on, it seems that some have been overlooked.

Key arterial roads into the city, such as Fitzgerald Street have remained untouched for up to 50 years, making the popular area leading into North Perth a bit of an eyesore. There isn't much housing and there is a high amount of unused commercial buildings dotted along the way. 

If we re-vamp this area in time for the City Link's completion, then it will bring the project together beautifully. Look what a re-vamp has done for East Perth and the Tunnel overhead areas.

Read more about the City Link and what we should be doing to revitalise key areas of Perth in my press release to real estate buzz.