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Perth Market Snapshot for the week ending 16 January 2022

REIWA | January 17, 2022

Sales activity continued to rebound in Perth following the holiday season slowdown, REIWA members reporting 853 transactions, which is a 45 per cent increase on last week.   This increase can be attributed to a 48 per cent increase in house sales, a 34 per cent increase in unit sales and a 47 per cent increase in vacant land sales over the week.   There were 8,186 properties for sale in Perth at the end of last week, which is two per cent more than the previous week.   A closer look at listing stock levels shows house listings increased by two per cent, listings for units increased two per cent and listings for vacant land increased by one per cent.   Last week's total figure is nine per cent lower than four weeks ago and two per cent lower than a year ago.

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Peak, peaking, peaked – how to read Australia’s housing market

CoreLogic | January 13, 2022

Australian housing values grew 22.1% last year and the market is showing signs this extraordinary rate of growth – not seen since the 1980s – is slowing across most of the capital cities. Yet as the rate of dwelling value appreciation slows, capital city and broad ‘rest of state’ markets are yet to peak, causing plenty of speculation about whether this will occur in 2022 and mark the start of a downturn. CoreLogic’s Research Director Tim Lawless explains when a market has peaked, the biggest factors impacting Australia’s housing in 2022 and the trends property watchers should be keeping an eye on this year.

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Perth home values increased 13 per cent in 2021

REIWA | January 4, 2022

2021 was a big year for the Perth property market, with CoreLogic’s latest data showing Perth home values increased 13.1 per cent during the calendar year. REIWA President Damian Collins said the increase in the CoreLogic hedonic home value index over the last 12 months was good news for Perth property owners. “2021 saw a remarkable resurgence in the Perth property market, with low stock levels and strong buyer demand fuelling price growth. We anticipate another healthy year of price growth ahead, driven by an increase in migration once borders open which will sustain the demand for property in Perth,” Mr Collins said.

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Perth Market Snapshot for the week ending 12 December 2021

REIWA | December 13, 2021

Sales activity decreased four per cent in Perth last week, with REIWA members reporting 1,007 transactions. This decrease can be attributed to a 47 per cent decline in vacant land sales. House sales were unchanged over the week and unit sales recorded a two per cent increase. There were 9,286 properties for sale in Perth at the end of last week, which is one per cent less than the previous week. A closer look at listing stock levels shows house listings decreased by two per cent, listings for units were stable and listings for vacant land increased three per cent. Last week's total figure is two per cent higher than four weeks ago and three per cent lower than a year ago

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WA is still the most affordable state in the country for housing

REIWA | December 9, 2021

House prices may have risen by approximately 14 per cent in Perth this year, but Western Australia is still the most affordable state in the country for housing, according to the Real Estate Institute of Australia’s latest Housing Affordability Report. The report determines affordability based on what proportion of the median weekly family income is required to service loan repayments and pay rent in the respective state or territory.

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Perth house prices expected to increase 10 per cent in 2022

REIWA | December 8, 2021

Western Australia’s strong property market conditions are expected to continue, with REIWA’s 2022 outlook estimating Perth house prices will rise a further 10 per cent next year. REIWA President Damian Collins said the WA property market was firmly in recovery, with the Institute forecasting Perth house prices to increase by 10 per cent in 2022, following approximately 14 per cent price growth in 2021. “Despite the strong price growth recorded in 2021, WA is still the most affordable state in the country for housing, with prices in most regions across the state yet to catch up to their 2014-15 peaks,” Mr Collins said.

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Perth Market Snapshot for the week ending 5 December 2021

REIWA | December 6, 2021

Sales activity increased four per cent in Perth last week, with REIWA members reporting 1,060 transactions. This stability can be attributed to a four per cent increase in house sales and an 18 per cent increase in vacant land sales. Unit sales declined two per cent during the week. There were 9,348 properties for sale in Perth at the end of last week, which is one per cent more than the previous week. A closer look at listing stock levels shows house listings increased by one per cent, listings for units increased by two per cent and listings for vacant land decreased two per cent. Last week's total figure is five per cent higher than four weeks ago and four per cent lower than a year ago.

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Perth Market Snapshot for the week ending 28 November 2021

REIWA | November 29, 2021

Sales activity was stable in Perth last week, with REIWA members reporting 1,033 transactions. This stability can be attributed to a one per cent increase in house sales, an 11 per cent decline in unit sales and an 11 per cent increase in vacant land sales. There were 9,280 properties for sale in Perth at the end of last week, which is one per cent more than the previous week. A closer look at listing stock levels shows house listings increased by two per cent, listings for units decreased by one per cent and listings for vacant land decreased one per cent. Last week's total figure is seven per cent higher than four weeks ago and eight per cent lower than a year ago.

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Perth Market Snapshot for the week ending 21 November 2021

REIWA | November 22, 2021

Sales activity decreased 0.9 per cent in Perth last week, with REIWA members reporting 1,047 transactions. This decrease can be attributed to a 1.8 per cent decline in house sales and a 5.1 per cent decrease in vacant land sales, however, unit sales increased 4.5 per cent. There were 9,214 properties for sale in Perth at the end of last week, which is 1.6 per cent more than the previous week. A closer look at listing stock levels shows house listings increased by 2.6 per cent, listings for units were unchanged and listings for vacant land increased 1.6 per cent. Last week's total figure is six per cent higher than four weeks ago, and 10 per cent lower than levels seen a year ago.

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How much has house price growth outstripped growth in wages?

CoreLogic | November 19, 2021

This month, the ABS posted a 2.2% annual increase in the Australian wage price index (WPI). The WPI measures changes in the ‘price’ of wages and salaries over time, meaning it accounts for changes in the quality and quantity of work done. The 2.2% uplift represents wages growth getting back to pre-pandemic levels, and is just shy of the decade average growth of 2.4%.

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Perth Market Snapshot for the week ending 14 November 2021

REIWA | November 15, 2021

Sales activity decreased two per cent in Perth last week, with REIWA members reporting 1,067 transactions. This decrease can be attributed to a five per cent decline in house sales. However, unit sales were stable and vacant land sales increased 46 per cent. There were 9,067 properties for sale in Perth at the end of last week, which is two per cent more than the previous week. A closer look at listing stock levels shows house listings increased by four per cent, listings for units increased by one per cent and listings for vacant land were stable.

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Perth Market Snapshot for the week ending 7 November 2021

REIWA | November 8, 2021

Sales activity decreased one per cent in Perth last week, with REIWA members reporting 1,097 transactions.   This decrease can be attributed to a four per cent increase in house sales, an eight per cent rise in unit sales, and a 51 per cent fall in vacant land sales over the week.   There were 8,863 properties for sale in Perth at the end of last week, which is two per cent more than the previous week.   A closer look at listing stock levels shows house listings increased by three per cent, listings for units increased by one per cent and listings for vacant land increased by two per cent.   Last week's total figure is five per cent higher than levels seen four weeks ago, and 13 per cent lower than levels seen a year ago.

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Where have monthly value changes fallen the most?

CoreLogic | November 8, 2021

Australian property values are seeing a slowdown in the monthly rate of growth. This trend is expected to carry into 2022, as affordability constraints rise, mortgage rates bottom out, and a higher number of new listings takes some pressure off market conditions. Since the monthly rate of growth in Australian dwellings peaked in March 2021 at 2.8% (or the equivalent of about a $16,000 gain on the median Australian dwelling value), monthly increases have settled to 1.5% (or a monthly increase of approximately $10,000).

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Perth Market Snapshot for the week ending 31 October 2021

REIWA | November 1, 2021

Sales activity increased 11 per cent in Perth last week, with REIWA members reporting 1,114 transactions. This increase can be attributed to a seven per cent increase in house sales and a 116 per cent increase in vacant land sales. Unit sales were unchanged. There were 8,678 properties for sale in Perth at the end of last week, which is on par with the previous week. A closer look at listing stock levels shows house listings increased by one per cent, unit listings decreased by one per cent and vacant land listings increased by two per cent. Last week's total figure is four per cent higher than four weeks ago and 14 per cent lower than a year ago.

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Perth house prices fall, now the nation’s most affordable capital city in which to buy a house

Domain | October 28, 2021

Perth’s two-year run of consecutive median house price rises has ended, with a marginal decline recorded during the September quarter, new data shows.

The city was the only capital in the country to record a price fall over the quarter for both houses (down 0.6 per cent) and units (down 3.3 per cent), according to the latest Domain House Price Report.

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Brendan Bowie has specialised in property sales, marketing, and leasing for more than 20 years. As a City of Belmont resident with a great knowledge of the local area, Brendan’s strategic and innovative property marketing approach, coupled with a strong networking focus, consistently yields quality outcomes for his clients.

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