Rundown yacht exposes state’s rental crisis

Measuring about 11.5m in length, the yacht is listed on Facebook Marketplace as being in “one of the most beautiful spots” on the Swan River in Freemantle and comes with hot water shower, storage space and a kitchen.

It also requires a smaller boat to travel between the yacht and the shore; however, a fee for using the boat is included in the rent.

In the three supplied photos, the yacht comes with built-in seating space and a small kitchenette. Some of the walls appear to be peeling, and the wooden benches don’t look varnished.

Another photo shows the windowless bedroom, which features a mattress placed on an elevated platform, and benches that are presumably included for storage.

Rules in Western Australia also require prior approval from the state’s Department of Transport if someone wants to live on-board a boat moored in a facility owned by the government. With the exception of special circumstances, stays are capped at six months.

While privately owned marinas may allow live-aboard arrangements, they will charge their own costs, which can be hundreds of dollars per month.

The rental market in Perth is among the tightest in the country.

The Real Estate Institute of Western Australia reports vacancy rates in Perth dropped to 0.7 per cent in June 2023 after the market hit 0.6 per cent in January. At the time it was the lowest level in 40 years and significantly below a balanced vacancy rate between 2.5 to 3.5 per cent.

Data from SQM research indicates rents have increased on average by 17.3 per cent year-on-year, with rental costs for units increasing by 19.7 per cent.

The figure was just slightly under the national average for capital cities, with rents soaring 17.4 per cent year-on-year in the week ending on July 12.

REIWA chief executive Cath Hart said the market was in desperate need for more homes, whether that was from new builds or investors leasing existing homes.

“Over the past two years we’ve seen delays in new home completions and investors selling out of Perth’s established homes market in significant numbers, with bonds data showing more than 18,000 fewer rentals available now since the peak in January 2021,” she said.

“This, coupled with strong demand, is what has contributed to the current shortage of rental properties. We hope that investors look again at WA’s property market, given our affordability relative to other states and the huge demand for more rental stock.”

Originally published as Rundown yacht advertised for $200 a week exposes Perth’s rental crisis