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Perth, WA 6000 Review
Overview
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Pankaj
John
Sydney
Asking rents in capital cities, on average, declined by 1.1% for houses and 0.7% for units. Hobart hit the steepest decline in rent for units at 4.3% while Sydney recorded the most substantial drop for houses at 1.7%. Only Perth and Darwin reported gains in both house and unit rents.
'Sydney and Melbourne rents continue to fall, providing leasing opportunities for tenants who have chosen to stay in town, ' said Louis Christopher, managing director at SQM Research.
The table below shows the weekly rents across capital cities for the week ending 12 September:
Of all central business districts (CBD), Sydney CBD registered the highest vacancy rate at 12.9%. This, however, was a decline from the all-time high of 16.2% Sydney CBD recorded in May. Melbourne CBD, on the other hand, posted its highest vacancy rate on record at 10%. Get full details at: x
Rents stay low despite shrinking vacancies
The shift towards regional living continues, leaving many homes in inner cities vacant
www.yourinvestmentpropertymag.com.au
0 Reply
135 Views
2Mo ago
InvestAus
Perth
Perth's property market clocked its busiest week since 2013 after it recorded over 1, 000 sales of dwellings and vacant land in the week ending 21 June, according to the latest market update from the Real Estate Institute of Western Australia (REIWA).
Over the week, Perth reported 613 home sales and 412 vacant land sales. Both of these figures are significantly higher than the 52-week average. 'The schemes have certainly helped people who were undecided about a house-and-land package make their decision quicker, and we will likely see vacant land transactions remain at higher-than-normal levels until the end of the year when the scheme concludes, ' 'These measures, plus the unique features of our extraordinary state position Western Australia to come back better, emerging from the global pandemic faster than other states as an attractive destination for business investment and interstate and international migrants, ' Source: x
Perth clocks robust sales
Its property market recorded the highest level of sales activity since 2013, figures show
www.yourinvestmentpropertymag.com.au
0 Reply
117 Views
5Mo ago
MD Emren
Perth
“The start of the Perth dwelling market recovery comes at an unfortunate time. In early 2020, the Perth dwelling market had four consecutive months of dwelling value increases, which is the longest stretch of capital growth since 2014, ” “Unemployment had fallen from 6.9 per cent to 5.2 per cent, jobs growth was trending higher, population growth had bounced back to the highest level since 2014, housing supply was contained, and state final demand crept above the decade average, ” she explained.
“But instead of momentum continuing from the trend seen at the start of the year, the onset of COVID-19 places it at the cusp of another downswing. “Perth has less exposure to industry sectors that have been heavily impacted by COVID-19, with 8.6 per cent of the local workforce employed with the accommodation and food services and arts and recreation services sectors, compared with 9.1 per cent nationally.” Read full details at: x
Perth recovery takes COVID-19 hit
While signs were pointing to the start of a housing market recovery for Perth earlier this year, the knock-on effects of COVID-19 have impacted the west coast city, according to a leading researcher.
www.smartpropertyinvestment.com.au
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124 Views
5Mo ago
John
Perth
According to data compiled by the Real Estate Institute of Western Australia (REIWA), listings fell by 17 per cent in May to 4, 676. “Looking ahead, the median rent per week should remain at least stable until the end of the year, with any increase in rent only allowed on new rental listings. Legislation implemented in the Residential Tenancies (COVID-19 Response) Act 2020, means occupied rentals cannot have a rent increase until October.” Rent prices remain stable in Perth, according to the REIWA, who noted the overall median rent sat at $350 per week during May. “The top 10 suburbs that saw the biggest increase to median sale price include Ellenbrook, Claremont, Butler, Yokine, Yanchep, Gosnells, Kelmscott, Halls Head, Waikiki and Willetton, ” Mr Collins said.
“Interestingly, seven of the 10 suburbs had a median sale price under Perth’s median of $475, 000 and suggests people are taking advantage of properties in Perth that are priced at the lower end.” Source: x
Perth sees rapid drop in available rental stock
Available rental stock in Perth is dropping at a rapid rate, with listings falling to their lowest levels since November 2013.
www.smartpropertyinvestment.com.au
0 Reply
180 Views
5Mo ago
John
Perth
After a long period of stagnation, the Perth property market has started to show green shoots of recovery. Will the Western Australian capital be able to sustain growth long enough to benefit investors in the long term? Perth, along with Brisbane, garnered the highest level of interest from investors based on the survey conducted by property investment consultancy Momentum Wealth, which collected responses from over 400 investors across Australia.
Overall, 68 per cent believe that it is still a good time to dive into the housing market right now – a significant increase from last year’s 53 per cent and the year prior’s 44 per cent.
Investor interest remained highest in Perth and Brisbane, with 37 per cent and 26 per cent of respondents respectively choosing the capital cities as the best locations to invest in the next 12 months.
Team leader of Momentum Wealth’s buyer’s agents Emma Everett said that the relative affordability and growth opportunities in both Brisbane and Perth are likely to be the primary drivers of continued interest in their property markets.
“While Brisbane’s property market has been recording steady growth for some time, continued improvements in rental conditions and a significant tightening of stock in Perth’s housing sector are now driving the consensus that the property market is moving into recovery phase, with savvy buyers realising the counter-cyclical opportunities at hand, ” Ms Everett highlighted.
“Investors are also recognising the value for money these markets offer, especially in comparison to places like Sydney where prices remain significantly overvalued and affordability constraints are pushing buyers out of the capital city market in favour of regional or state alternatives.” Further, Perth is considered as the capital city market with the best long-term prospects – 61 per cent of respondents ranked the Western Australia capital as the location with the highest three-year growth potential.
According to Ms Everett, a number of factors are contributing to a strong long-term outlook for Perth’s residential housing sector, including growth in population and the mining sector.
“While we’re already seeing early improvements across Perth’s rental and capital markets, rising activity in the mining sector, increased infrastructure spending and early signs of accelerated population growth are providing strong indicators for the market’s future performance, ” she said.
Moving further into 2020, Perth’s median house price of over $500, 000 should be able to provide investors and owners with value gains of 5 per cent in 2020, based on Domain’s Property Price Forecasts for February 2020.
In 2021, the Western Australian capital may experience a further 3 to 5 per cent improvement to prices.
Still, Right Property Group’s Victor Kumar reminded investors to be cautious and do due diligence before investing in the Perth property market.
“We have been buying strategically in Perth for a little while, but it is not a market for the uneducated, given prices remain more than 20 per cent below their peak, with different suburbs all at different phases of recovery, with some still falling, ” he said.
Property values
CoreLogic’s February 2020 Home Value Index has found a rebound in the pace of capital gains across the Australian housing market throughout the month, seeing the national index rise by 1.1 per cent.
The strongest capital gains were recorded in Sydney, at 1.7 per cent to $872, 934 and Melbourne at 1.2 per cent to a median house value of $689, 088, followed by Brisbane ($503, 265), Canberra ($631, 862), Hobart ($488, 968) and Adelaide ($439, 453).
For Perth, a 0.3 per cent increase in dwelling values reported for the month is being flagged by CoreLogic as “evidence that the long-running downturn is over”. It’s the Western Australian capital’s fourth consecutive month without a value drop, bringing values to a median of $442, 691.
However, despite values now trending higher, “the recovery period is likely to be a long one, with Perth housing values remaining 21 per cent below their peak”, according to CoreLogic’s head of research Tim Lawless. Supply and demand
The week ending 1 March 2020 saw Australian capital city auction volumes reaching their highest levels since late November 2019, according to CoreLogic’s latest auction market preview.
With over 3, 000 homes taken to auction, a success rate of 73.9 per cent was achieved.
“The last time the final weighted average clearance rate maintained [such] strength across such a high volume of auctions was back in early 2017, ” it revealed.
Breaking down the results by capital cities, Melbourne recorded its busiest week since March 2018, with 1, 612 auctions reported. It returned a final clearance rate of 74.8 per cent. Growth outlook
Money has started to move from the east coast to the west as the western property market witnesses recovery, according to a previous Domain study.
According to the study, Perth is likely to see its fastest growth since the mining boom in 2014, which is welcome news for investors who have bought and held during the boom.
The median house price should be $564, 000, which, while higher than the current median value, is still 8 per cent below its previous peak.
To take advantage of the potential for future upswings, Property Club president Kevin Young encouraged investors to buy homes in areas where new schools are in the pipeline. Details inside:x
Property market update: Perth, February 2020
After a long period of stagnation, the Perth property market has started to show green shoots of recovery. Will the Western Australian capital be able to sustain growth long enough to benefit investor...
www.smartpropertyinvestment.com.au
0 Reply
179 Views
8Mo ago
Roma
Sydney
Clearance rates, Perth’s market and Sydney house and land are all showing signs of improvement, while the market is cautiously optimistic.
605 sales in Melbourne and 426 in Sydney over the weekend. Fewer than the same time last year – 657 in Melbourne, 523 in Sydney. Clearance rates are high – 80% in Sydney and 70% in Melbourne as at Sunday morning
The most viewed home going to auction was 53 Darley Street Newtown, a completely unrenovated terrace home in what is one of Sydney’s most popular suburbs. If you are not from Sydney, take a look at what $1.112 million gets you in this market; 1 bed, 1 bath renovator’s dream. The addition of the bed somehow makes it look worse Sydney house and land is red hot
Building approval data from the ABS has now shown two months of consecutive increases. The flow on from price growth to new development does appear to be occurring. Anecdotally, developers are successfully selling down an overhang of stock from the last building boom.
But for now, it is really house and land that is leading the charge. Likely driven in part by the federal government’s 5% deposit scheme, and the various state-based first home buyer schemes. Details inside: x
Property market update: Cautious optimism buoys th...
Clearance rates, Perth's market and Sydney house and land are all showing signs of improvement, while the market is cautiously optimistic.
www.realestate.com.au
0 Reply
207 Views
9Mo ago
Sam2019
Sydney
The Australian property market finally started to pick up at the end of last year after suffering a long downturn. After the election results, OpenAgent’s Consumer Sentiment Index saw an increase in price expectations. This outlook is continuing to improve, suggesting that property prices could continue going up. New South Wales
The proportion of New South Wales home sellers believing that prices will be going up within the next six months gradually increased throughout last quarter. By the end of December, 82 per cent believed prices would stay the same and only 6 per cent believed they would go down. Victoria
At the last quarter, home sellers in Victoria were the most optimistic compared to home sellers in the other states. In particular, there was a massive spike from November to December. A large 85 per cent of respondents in Victoria believed prices would be going up during the first half of this year. Queensland
Price expectations in Queensland remained stable all of last year and continued to do so in the previous quarter. About 74 per cent of sellers in Queensland said they believed prices would be going up in the first half of this year. Tasmania
The property market in Hobart has also been improving this year. In January, the median house price ($512, 899) went up by 0.9 per cent. Similarly, the median unit price ($398, 205) went up by 0.8 per cent. The city is now back to its former peak. Australian Capital Territory
Though the increases in Canberra’s median values over January were quite small in comparison to other capital cities, the market is still back to its last peak. There was a 0.3 per cent increase in the median house price ($701, 561), and a 0.1 per cent increase in the median unit value ($441, 400). South Australia
Market expectations for South Australia were rather negative in the first half of 2019. However, these significantly improved by the end of year. Western Australia
The market in Perth is finally seeing positive changes. In January, the median house price ($456, 803) increased by 0.1 per cent and the median unit price ($352, 556) increased by
0.3 per cent. Unfortunately, dwelling values haven’t gone back to their last peak and are still down overall for the past year.
Northern Territory
The Darwin market has a similar story. There has been an overall increase of 0.1 per cent in dwelling values but prices are still well below their peak. Though there was a 0.6 per cent increase in the median house price ($469, 834), the median unit price ($275, 636) went down by 1.1 per cent.
Market outlook
Solid performance across the nation is a great sign that it’s a seller’s market. If you’ve been waiting for the right time to put your property on the market, this could be it. Read more:x
State-by-state breakdown: Property markets improve...
OpenAgent’s Consumer Sentiment Index saw an increase in price expectations at the end of 2019. This outlook suggests that prices could continue to rise.
homesales.com.au
0 Reply
197 Views
9Mo ago
Liam
Perth
Since the downturn took hold, commentary on Perth's property market has been wildly mixed.
But one of the state's most renowned housing expert believes looking at the average ups and downs of property prices is too simplistic.
The Australian Bureau of Statistics on Tuesday released its September quarter property price index, revealing Perth's property prices continue to fall, albeit at a slower rate than the previous quarter. Read More -
Perth property market's mixed messages boil down t...
The ABS on Tuesday released its September quarter property price index, which revealed Perth's property prices continue to fall, albeit at a slower rate.
www.smh.com.au
0 Reply
295 Views
11Mo ago
John
Perth
Perth’s property market has experienced a roller-coaster ride throughout the past 10 years. Will investors see stability and growth for the Western Australian capital at the start of this new decade? The Perth property market saw a small but steady gain in January, sparking positivity that the sector will see continued growth for the rest of the year.
According to CoreLogic, dwelling values in Perth posted a minimal increase of 0.1 per cent over the month. A 0.4 per cent gain in housing values was also recorded in the last quarter, marking the first quarterly increase since May 2018.
Property investors in Western Australia have experienced several ups and downs over the years. From 2000 to 2014, Perth has seen sporadic growth as property prices tripled. However, after the said period, the capital city saw a 30 per cent slump in growth and a significant amount on cash flow.
Most experts believe that 2020 is definitely going to be better than 2019 in terms of movements in the property market, primarily due to international relations and government policies.
Pure Property Investment’s Paul Glossop said the Perth market is transforming. Mr Glossop said that several factors are now coming into play that could bring some changes to Perth’s property market.
During the third month of 2019, Perth recorded a 5 percent growth in the rental market. Data released by Corelogic in November 2019 showed the capital city recording its first month of growth in a very long time in capital gains perspective.
Mr Glossop added that big infrastructure projects (including transportation and healthcare) and other major developments closer to the CBD will likely result in jobs creation and unemployment declining and create a new wave of demand for properties in the West Australian capital. Not only experts are optimistic for Perth at the beginning of this new decade. Investors have a positive outlook regarding the capital city’s property market as well.
According to a survey by Momentum Wealth, property investors have highest interest in Perth and Brisbane, with 37 per cent and 26 per cent respectively naming the capital cities as the prime locations to invest in the next 12 months.
Perth is also now seen as the capital city market with the best long-term prospects, with 61 per cent of respondents ranking the Western Australia capital as the city with the biggest three-year growth potential.
Team leader of Momentum Wealth’s buyer’s agents Emma Everett said several factors including “early improvements across Perth’s rental and capital markets, rising activity in the mining sector, increased infrastructure spending and early signs of accelerated population growth” are giving strong indicators of the future performance of Perth’s property market.
Property values
For Perth property owners, the latest monthly housing value data bears positive news.
Housing values climbed in January across every capital city in the country, according to Corelogic. The CoreLogic Hedonic Home Value Index increased by 0.9 percent over the month, with Sydney and Melbourne posting the biggest gains at 1.1 per cent and 1.2 per cent respectively. Read more: x
Property market update: Perth, January 2020
Perth’s property market has experienced a roller-coaster ride throughout the past 10 years. Will investors see stability and growth for the Western Australian capital at the start of this new decade...
www.smartpropertyinvestment.com.au
0 Reply
192 Views
8Mo ago
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