The State government aims to encourage owners of vacant properties to put their houses on the rental market.

Perth’s rental vacancy rate hit a new low of 0.4% while the median rent rose to $635 per week.

• On offer is a $5,000 incentive as a one-off payment for up to 1,000 owners. The scheme will provide $5 million in total funding. Conditions for participating owners:
  Must provide a minimum 12-month lease.
  Property must have been vacant for at least six months.
  Only single self-contained properties eligible (no granny flats).
  Properties ineligible if used under STRA incentive scheme.
• Government’s goals are to:
  Address housing demand driven by economy and lifestyle.
  Boost housing supply through various measures.
• According to Premier Roger Cook: The Budget includes measures to:
  Increase housing availability.
  Provide support for building and construction apprentices.
  Provide Incentive schemes based on successful short-term rental scheme.
• Planning and Housing Minister John Carey’s said:
  The measure complements other government initiatives where it includes stronger regulation for short-term rentals   and
  Aims to better utilize existing housing stock to boost housing supply across the continuum.Source: Business News By Isabel Vieira

P.S. Whenever you’re ready, here are ways we can help you:

Is your property owned in a superannuation fund? We can provide valuations to satisfy the audit requirements.

For the latest updates and insights, follow Regalvale Valuations with Keith Barry on LinkedIn, and to obtain a superannuation fund valuation, email: officemanager@regalvaluations.com.au