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Australian rents set to increase

Article Date : Thursday, June 21, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Both rents and the price of investment properties in Perth, Australia, are set to increase significantly over the course of the next year, according to one expert.

Rob Druitt, president of the Real Estate Institute of Western Australia, said that rents may increase up to 50 AUD (21.21 GBP) a week in 2008, ABC.net reports.

"We anticipate that later in the year and early next year, we'll have a similar situation to this year with a shortage of rental properties and some spike in rents," he stated.

Jeremy Knight, owner if Knight Knox International, recently said that in Australia the rental yield relative to the cost of a property is generally "quite good".

According to Mr Knight, the Australian property market is similar to the UK's but far more stable.

Migration to the country and full-ownership for overseas investors means that the Australian market provides a number of opportunities for investors, he added.
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