Housing markets build momentum through the end of 2020, pointing to a strong start to 2021
Australia’s housing market finished the year on a strong footing with CoreLogic’s national home value index rising a further 1.0% in December; the third consecutive month-on-month rise following a -2.1% drop in dwelling values between April and September.
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First-home buyers hone in on outer suburbs amid a burst of incentives
First-home buyers are set to continue to dominate the property market in early 2021 as those looking for houses target outer suburbs where they can make the most of government grants and discounts.
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Perth Market Snapshot for the week ending 10 January 2021
Sales activity increased 201 per cent in Perth last week, with REIWA members reporting 699 transactions. This increase can be attributed to a 181 per cent rise in house sales, 318 per cent rise in unit sales and 211 per cent rise in vacant land sales over the week.
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Perth sales activity up 42.5 per cent in December
December sales activity saw 3,067 transactions for the month which is an increase of 42.5 per cent when compared to the same time the year prior.
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HOUSING MARKETS FINISH THE YEAR STRONGLY
Much of the uncertainty about the direction of the economy generally, and the real estate markets, in particular, is now giving way to growing confidence that we are returning to normal conditions, not a new COVID 19 normal as some were suggesting, but conditions as they were prior to the pandemic intervention.
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AUSTRALIA’S PROPERTY OBSESSION CEMENTED DURING PANDEMIC
Australians were forced to unleash their inner hobbyist during COVID lockdowns in 2020. Some realised their green thumb while others discovered a quasi-black market for sourdough starter. Looking at property on realestate.com.au became a favourite pastime for others, with one house hunter notching up a whopping 41,700 property views. And they weren’t alone.
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Five predictions for the property market in 2021
The year 2020 has been an uncertain time for the Australian property market. Despite predictions of large price falls early in the coronavirus recession, the property sector has come through the crisis in remarkably good shape.
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Perth Market Snapshot for the week ending 20 December 2020
Sales activity increased five per cent in Perth last week, with REIWA members reporting 969 transactions. This increase can be attributed to a four per cent rise in house sales, 31 per cent rise in unit sales and 21 per cent fall in vacant land sales over the week.
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THE STATE OF STAMP DUTY FOR AUSTRALIAN HOUSING
In 2020, COVID-19 mildly impacted Australian housing prices, but created volatility in transaction activity. These factors have drawn renewed scrutiny of stamp duty on residential property, and may have influenced some of the timely reform and discounting in stamp duties over the year.
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BEST OF THE BEST REPORT SHOWS 2020’S BIGGEST PROPERTY MARKET WINNERS
In a year that no one could have predicted, from a deadly global pandemic to our largest economic downturn since the 1930’s, CoreLogic’s Best of the Best 2020 Report released today reveals Australia’s $7.2 trillion residential real estate market proved remarkably resilient. The annual Best of the Best report is a suburb level analysis of a variety of measures used by CoreLogic to determine property market performance across the year, ranging from property value growth and sales to rental yields. So, where were Australia’s top performers in residential real estate over 2020?
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PERTH’S RESIDENTIAL VACANCY RATE EQUALS LOWEST LEVEL EVER RECORDED
reiwa.com data has revealed that Perth’s residential vacancy rate has continued to fall in November, hitting 0.8 per cent and reaching the lowest levels REIWA has seen over the past 40 years, with the previous low of 0.8 per cent reached in 2007. REIWA President Damian Collins said this is the 25th consecutive month in which we have seen the vacancy rate below three per cent.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 13 DECEMBER 2020
Sales activity decreased 13 per cent in Perth last week, with REIWA members reporting 926 transactions. This decrease can be attributed to an eight per cent fall in house sales, 20 per cent fall in unit sales and 27 per cent fall in vacant land sales over the week.
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RENTING A PROPERTY IN PERTH IS CHEAPER THAN ANY OTHER CAPITAL CITY
You may have heard that the rental market across Western Australia has been under pressure due to the lack of supply in recent months. In November this was no different, with reiwa.com data revealing there were only 2,889 properties available for rent on reiwa.com which is 52 per cent less than November 2019 - making it the third consecutive month in a row in which listings were under 3,000.
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13 COMMON MISTAKES HOME BUYERS MAKE – AND HOW TO AVOID THEM
Buying your next home can be a daunting task, especially if it’s your first home.It’s exciting but full of complexities. While it’s likely to be the largest financial transaction you will ever make, we’ve found that many home buyers are poorly prepared to ensure they make a good purchase decision. And it’s not their fault. The system is stacked against them, with much of the power being on the side of the seller. To help guide you, let’s look at 13 Common Mistakes made by Home Buyers – ones that you should avoid.
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WEST AUSTRALIAN REAL ESTATE AGENTS THE MOST ETHICAL IN THE NATION
Real estate agents in Western Australia are viewed as the most ethical in the nation according to the Governance Institute of Australia’s Ethical Index 2020 survey, a measure which has increased from 36 to 44 per cent when compared to 2019.
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