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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: Perth landlords are getting desperate - masses of homes for rent...forced sales

Posted by on in ROYAL COMMISSION URGENT
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There are so many homes for rent in Perth that landlords are getting desperate 

4 December 2015
 

Perth property investors have been forced to install air conditioners, paint walls, hire gardeners, allow pets and offer up to a month "rent free" to attract tenants amid a record number of homes for let.

One property agency is even offering tenants a $50 pre-loaded Visa card if they sign up for a lease. And property analysts predict the market will worsen over the next three months.

It is a dramatic change in fortune for investors and property managers, who only a few years ago had prospective tenants offering more than the asking rent as they desperately tried to secure a place to live.

Figures released by the Real Estate Institute of Western Australia on Friday show rental listings surged 16 per cent in the past three months to 9488 homes and units, the most on record. The vacancy rate has jumped from 4.2 per cent to 5.6 per cent this year. The long term average for vacant rental properties is 3500.

 

Perth's median rent has dropped 10 per cent in the past year, after slipping another 1 per cent in the three months to November 30 to $395 per week. The median rent for a unit sits at $375 while the median rent for houses is $400 per week.

Less than a decade ago, as the mining boom began to hit full pace during 2007, the vacancy rate fell to one per cent. Rents had jumped 45 per cent in the space of 12 months.

But since then population growth has halved, unemployment is at a 13-year high and commercial vacancy rates are the highest in two decades.

Property valuer Gavin Hegney said investors were increasingly offering one week free rents, which was covering the overlap in rental costs for tenants switching between properties.

 

"This rental market will be here for 12 months," Mr Hegney said.

"I think we will see the worst of it over the next three months."

Mr Hegney said as rents fell some households with three or four people would contract to two as it became more affordable for couples to move out on their own.

He said the vacancy rate may hit 6 per cent and investors were faced with a difficult market, especially because they were also being hit by higher interest charges from banks.

 

REIWA president Hayden Groves said the number of homes for lease has surged about 50 per cent over the past six months,

"If you are a quality tenant with a great history you are in a very good market," Mr Groves said.

"Rents are falling so rapidly that people with six months left that thought they got a good deal at the time are now sayIng they want [rent] reductions," Mr Groves said.

Mr Groves said while the median rent had weakened it remained higher than at the peak of the mining boom – when the median weekly rent stood at $380.

 

But he said with so many homes for rent, landlords were under pressure. He said some landlords were offering to pay for gardening or pool maintenance and allowing pets.

Listings on Domain show some landlords offering up to one month rent free.

Realmark leasing consultant Mirza Ghauri, who is offering $50 pre-loaded Visa cards on some of the properties he has listed, said he was encouraging some landlords to invest about $150 for professional photographs to help better market their properties.

"It's an extra cost but it is better to have professional photos, they look better than ones taken on an iphone," Mr Ghauri said. "There's so much on the market. It will bring up your property."

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