Rental vacancy rate in Geraldton stays low at 1.1 per cent for May, tipped to remain tight for next 12 months

Rentals in Geraldton continue to be hard to find according to the latest rental vacancy data. REIWA released its figures for May and it showed Geraldton’s rental vacancy sitting at 1.1 per cent, which is a slight increase from the previous month which fell to 0.9 per cent. Mid West branch chair for REIWA Peta McKenzie said Geraldton was well below the desired mark. “The market just stabilised in that position of consistent under supply,” she said. “We’re still sitting way below that 2½ to 3 per cent balanced market which would be a target if you were to have one.” With the cost of living getting so high, many investors are reluctant to sit on properties which is why there is a large imbalance. “We’re still continuing to see investors considering whether to have one, we’re still continuing to see investors considering whether they want to hold their property or sell,” Ms McKenzie said. “I would say that we’re just going to be sitting around that one per cent figure for some time to come.” While investors are showing interest, it is not at the rate that is needed to keep the market positive. “We are seeing some invested interest but not at the same rate. . . they’re not buying at the same rate as people are potentially exiting, so it’s not adding additional supply” Ms McKenzie said. The rental vacancy numbers have stayed steady in Geraldton, with the rates sitting at 1.1 per cent at the same time last year, and Ms McKenzie said it did not look like it would change any time soon. “That current figure of one per cent is where we will be sitting for the next six to 12 months,” she said. “With interest rates being at the level that they are, investors are still being somewhat cautious.”