PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 6 DECEMBER 2020
Sales activity increased four per cent in Perth last week, with REIWA members reporting 1,074 transactions. This increase can be attributed to a no change in house sales, a no change in unit sales, and a 44 per cent rise in vacant land sales over the week.
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STATE OF THE RENTAL MARKETS – PERTH RENT VALUES SOAR 8.2% ANNUALLY, WHILE MELBOURNE RENTS CONTINUE TO FALL
CoreLogic November home value indices showed a second consecutive month of property value increases following a COVID-19-induced dip. For the first time since January, every capital city recorded a rise in dwelling values. This was off the back of accommodative monetary policy and fiscal policy, converging with a strong increase in consumer sentiment and the beginning of a recovery in economic conditions.
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STIFFER MARKET COMPETITION ON THE HORIZON AS INVESTORS SLOWLY CREEP BACK
With first-home buyers and upgraders dominating the market, the quiet pick up in investor activity is going largely unnoticed. The most recent home lending data from the Australian Bureau of Statistics (ABS) found that in October 2020 there was $5.3 billion in new lending to investors. While that represented the smallest share of total new lending to investors on record at 23.3%, the value of lending to investors has increased for five consecutive months and is up 29.5% over that period.
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PERTH PROPERTIES SELLING AT THE FASTEST RATE SINCE 2006
reiwa.com data has revealed properties for sale are in strong demand, with properties sold in November taking a median of only 22 days to sell, which is 17 days less than November 2019, making it the fastest time properties have sold since September 2006.
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CORELOGIC NOVEMBER HOME VALUE INDICES: DWELLING VALUES RISE ACROSS EVERY CAPITAL CITY AND REST-OF-STATE REGION
Australia's housing market continued along a recovery trend through November. CoreLogic’s national index recorded a second consecutive monthly rise in November, with dwelling values up 0.8% over the month. The new recovery trend follows a 2.1% drop in Australian home values between April and September. According to CoreLogic’s Head of Research, Tim Lawless, if the current growth trend persists, we are likely to see CoreLogic’s national home value index surpass pre-COVID levels in early 2021.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 29 NOVEMBER 2020
Sales activity increased 19 per cent in Perth last week, with REIWA members reporting 1,042 transactions. This increase can be attributed to a 21 per cent rise in house sales, 21 per cent rise in unit sales and eight per cent rise in vacant land sales over the week.
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WHY DIDN’T THE AUSTRALIAN HOUSING MARKET CRASH?
2020 has been a devastating year for many households and small businesses. As Australia moves through its first recession in over 28 years, ABS payroll data suggests wages are down 4.3% between Australia’s 100th case of COVID-19 on March 14, and October 31st. In the same period, payroll jobs decreased 3.0% At the onset of the pandemic, consensus seemed to be building that the national decline in property values could reach 10%, with worst-case scenarios suggesting prices could fall by as much as a third.
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‘LOCKED IN’ CAMILLO THE MOST TIGHTLY-HELD SUBURB IN PERTH
Camillo homeowners are Perth’s most reluctant to move, with residents staying put for almost 16 years on average. New data compiled by realestate.com.au shows residents in the south-eastern suburb, on average, do not up stumps for 15.9 years. Mundijong was the second most favoured Perth suburb with homeowners staying 15.4 years, while Noranda, Edgewater and Bellevue residents tended to stay on for between 14 and 15 years. The timeframes are well above the average hold period for houses in Perth, which sits at 9.7 years.
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STRONG PROPERTY MARKET CONDITIONS EXPECTED IN WA IN 2021
After hitting the bottom of the market during 2020, REIWA’s 2021 outlook indicates the Western Australian property market should experience steady growth in both the rental and sales market - something not seen since the strong conditions in 2013. REIWA President Damian Collins said 2020 has been an unusual year for property, however despite the lull experienced during the start of the COVID-19 pandemic, WA is showing extremely positive signs.
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7 LESSONS I WISH I’D KNOWN WHEN I STARTED INVESTING IN REAL ESTATE
They say hindsight is 20:20 – and that is certainly true when it comes to property investing. Most of us start out without much knowledge behind us, and only realise we are making mistakes when it’s too late to do much about them. Here’s a list of seven things I wish I’d known when I was beginning my property investing journey, which you can implement to ensure yours is a much smoother ride.
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NATIONAL AUCTION MARKET PREVIEW – 29 NOVEMBER
This week, scheduled auction volumes are expected to surge above 2,000 for the first time since April, with 2,201 capital city homes scheduled to go under the hammer. Last week, final results saw 1,803 properties taken to auction across the combined capital cities and one year ago a significantly higher 3,206 auctions were held.
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‘HOUSE AND LAND SUBURBS’ AMONG AREAS TO SEE LARGEST INCREASES IN NEW LISTINGS
Suburbs abundant with new housing stock are among the areas that have seen dramatic increases in the number of listings advertised over the past six months. Data compiled by realestate.com.au shows that Sydney dominates the national list with seven of Australia’s top 10 suburbs to record the biggest jumps in listing numbers for houses located in the harbour city. For units and apartments, Sydney suburbs comprised eight of the top 10 spots for the greatest increases in listings.
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THE HONEST TRUTH ABOUT WHERE PROPERTY PRICES ARE HEADED
It’s common knowledge that the value of property grows overtime. Property values don’t grow consistently or uniformly, but overall, the property lulls are temporary and the value of well located “investment grade” property generally increase in the long term. So what should investors do in the current market if they wish to grow their wealth in the safest possible way? Let’s look back at property prices to help you look forward.
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VOLUMES RISE ACROSS THE COMBINED CAPITAL CITIES AND RETURN A CLEARANCE RATE OF 73.6%
There were 1,791 homes scheduled for auction across the combined capital cities this week and of the 1,442 results collected so far, 73.6% have reported a successful result. This week’s volumes are not only higher than last week’s 1,728 auctions held, but the highest number of auctions held since the week ending 5th April. Preliminary figures indicate that the clearance rate weakened over the week, after last week’s higher preliminary figure of 75.1%, which later revised down to 70.6% at final figures. One year ago, a much higher 2,612 homes were auctioned, when a lower 68.5% cleared.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 22 NOVEMBER 2020
Sales activity decreased three per cent in Perth last week, with REIWA members reporting 877 transactions. This decrease can be attributed to a four per cent fall in house sales, four per cent fall in unit sales and no change in vacant land sales over the week.
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