Sold sign

Perth real estate market snapshot

Week ending 30 August 2016

Source : reiwa.com

 

Sales activity in Perth dropped off three per cent this week, to record 545 transactions from 563 last week.

This decrease in activity can be attributed to an 11 per cent drop in house sales, however unit and land sales were up by 29 and 22 per cent respectively.

Listings for sale

The total volume of properties for sale in Perthwas unchanged again this week in percentage terms, coming in at 14,084.

Listings for houses increased by one per cent over the week, while unit and land listings were stable.

The total number of listings recorded this week is similar to levels recorded four weeks ago and is one per cent higher than at the same time last year.

Perth rental market

REIWA members reported that the total number of properties for rent in Perth decreased marginally by one per cent to 11,083.

This figure is two per cent lower than four weeks ago and 34 per cent higher than at the same time last year.

Take a look at the breakdown of the past week:

Rental update reiwa

perth

Housing affordability continues to improve in Perth

Source : reiwa.com

 

Perth’s first home buyer market recorded healthy activity levels in the June 2016 quarter, with the bulk of sales transactions occurring in the $350,000 to $550,000 price bracket.

REIWA President Hayden Groves said Western Australia was in a unique position with the easing of property prices in recent times having made home ownership more accessible.

“Across the country, particularly in the Sydney and Melbourne metropolitan markets, first home buyers have found it increasingly difficult to secure their first home as prices continue to rise in those capitals.”

“We’re very fortunate in WA that home ownership is still accessible, supported in part by the Barnett Government’s transfer duty exemptions for first home buyers paying up to $430,000.” Mr Groves said.

Houses & Units

There was improved affordability across both houses and units in the June quarter.

Perth’s preliminary median house price retreated 1.4 per cent to $522,500 in the three months to June, while the median unit price declined 6.9 per cent to $406,000 from the revised March quarter median of $436,000.

“With the bulk of transactions occurring in Perth’s lower quartile, it’s not surprising that house and unit medians have come in lower over the quarter,” Mr Groves said.

Listings for Sale

There was a significant decline in listing volumes in the June quarter, with the number of properties for sale in the metro area dropping 7.3 per cent to 14,159, from 15,269 in the March quarter.

“While home buyers and investors can be choosy in this market, it’s pleasing to see signs of stability with listing numbers declining in the three months to June,” Mr Groves said.

Sales Volumes

Preliminary sales volumes for the state came in at 5,858 for the three months to June.

Mr Groves said he expected the revised dwelling sales figure for the June quarter to lift to around 8,200 in the coming weeks as more transactions settled.

“For example, the March quarter preliminary dwelling sales data was 5,852, but was then later revised up to 9,061 transactions,” Mr Groves said.

Selling Days & Discounting

It was two days quicker to sell a property in the June quarter, with the average selling days sitting at 64 days.

Mr Groves said the number of vendors having to discount their asking price had also improved indicating sellers now had a better understanding of the market conditions.

“Homes that are priced correctly for the market from the start are selling quicker. It’s important sellers listen to the advice of their agent and don’t have unrealistic pricing expectations,“ Mr Groves said.

Rental Market

Perth’s rental market presented some challenges for investors in the June quarter, with listings for rent exceeding 11,000 and leasing activity declining five per cent.

“It is apparent those vendors not able to reach their desired selling outcome have now chosen to list their property for rent, a circumstance attributing to the increase in rental stocks this quarter,” Mr Groves said.

This increase has put some downward pressure on rent prices with house and unit median rent prices dropping $10 each over the quarter to $395 and $365 per week respectively.

Post 2 pic - credit Jarrad Seng

Perth voted 7th ‘most liveable’ city — up one spot from last year

Source : PerthNow

WE LOVE it, now Perth has been voted the seventh “most liveable’’ city in the world, with Melbourne taking top spot and Adelaide in the top five.

Melbourne, Australia’s sporting and arguably cultural home, again topped the charts, named the Most Liveable city in the world.

Based on lifestyle factors such as political stability, healthcare, culture and environment, education and infrastructure, Melbourne topped for the charts for the sixth year running.

Sydney, plagued by soaring house prices, failed to make the Top 10, despite it’s obviously attractive lifestyle, if you can afford a house.

Premier and Tourism Minister Colin Barnett said: “Perth is a vibrant city with clear skies, fresh air and beautiful beaches, where people can still enjoy the benefits of a modern, sophisticated city and a relaxed lifestyle.

“When you look around the world where else would you get the kind of health care and education standards that are delivered in WA.”

Port Moresby, one of our nearest neighbours, got a berth in the World’s Worst.

Perth Lord Mayor Lisa Scaffidi said Perth’s unique features make it an idyllic place to live, work, or visit.

“The face of the Perth has transformed significantly in recent years, and we are proud to see a long-term vision for our capital city coming to fruition,’’ Mrs Scaffidi said.

“With our rich history of arts and culture, iconic beaches and enviable weather, Perth — and greater Western Australia — offers unique experiences to make it an idyllic place to live, work, or visit.

“The City has worked alongside key stakeholders as a driving force in the revitalisation of new urban neighbourhoods, with our state-of- the-art Library a catalyst for the revamped Cathedral Square precinct.

“Furthermore, the City’s investment in public art, street and laneway enhancements has transformed the public realm, lending character to Perth’s urban fabric and making it an attractive destination for new venues, businesses, events and activation projects.’’

Perth’s seventh place, just behind Adelaide and Calgary, was a one-place improvement on 2015.

THE MOST LIVEABLE CITIES IN THE WORLD

1. Melbourne — 97.5 out of 100
2. Vienna — 97.4
3. Vancouver — 97.3
4. Toronto — 97.2
5/6. Adelaide and Calgary — 96.6
7. Perth — 95.9
8. Auckland — 95.7
9. Helsinki — 95.6
10. Hamburg — 95.0

Read full story on PerthNow