Perth property rentals too pricey
Recent reports explain how the Australian property market is experiencing higher numbers of numbers of residents joining the rental market in recent years due to higher house prices.
However many long term tenants based in and around Perth are now considering joining the Australian property ladder as a result of rising rental costs. According to several local property experts rental costs in Perth have become so expensive that in many areas they are now comparable to monthly mortgage payments.
Average rental costs for an apartment or townhouse start at around $390 climbing to more than $420 for a house - a figure above the repayments based on a $300,000 mortgage.
Property prices in Perth have fallen in recent months and home ownership is now more affordable than it was eighteen months ago making it an ideal time to buy a property especially as rents are expected to climb another 5 per cent by the end of the year.