PERTH HOUSING MARKET REVEALS POSITIVE SIGNS IN SEPTEMBER QUARTER
The Perth property market continued to show positive signs in both the rental and sales market during the September 2020 quarter. From a sales perspective, the median house sale price, sales volumes and listings for sale all recorded an increase.
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FRENCH PROVINCIAL-STYLE EQUINE OASIS HERALDS GEMS FROM GLOBAL TRAVELS
Inspired by the owners’ personal travels across Europe, this sprawling Gidgegannup property has been curated using an eclectic mix of treasured memories. Owners Robynne McTaggart and Garry Marzolo purchased the property 12 years ago and embarked on a mission to create a special residence that melds a French Provincial theme and the laidback Australian vibe, with horses, truffles and vines.
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STRONG CONSUMER MINDSET A BOON FOR HOUSING THIS FESTIVE SEASON
Consumer sentiment has rebounded rapidly as lockdowns have ended while COVID-19 case numbers have fallen and borrowing costs have reduced. This can only bode well for Australia’s property sector in the lead up to Christmas and into the New Year.
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NATIONAL AUCTION MARKET PREVIEW – 22 NOVEMBER
Weekly auction volumes are set to rise across the combined capital cities, with a total of 1,851 homes scheduled to go under the hammer this week. The scheduled number of auctions are not only expected to be higher than the 1,728 auctions last week, but the highest level reached since the week ending 19 April when 1,922 auctions were held.
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PERTH’S VACANCY RATE CONTINUES TO DROP
October's residential vacancy rate in Perth has slightly lowered compared to the previous month and now sits at 0.95 per cent, which is close to the 40 year low of 0.8 per cent reached in 2007. This comes at a time when low levels of investor finance demand is being recorded in Western Australia.
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UNDERSTANDING THE PROCESS OF BUYING A HOUSE IN AUSTRALIA
If you’re looking to buy a house, understanding the process from start to finish before you begin your search is key to smooth sailing. So you’ve looked everywhere to find the right place, found a potential property that suits your needs, and you are looking to put an offer to the seller. “What’s next?” you might be thinking and “How can I get prepared?”. Here’s a brief rundown of what to expect from the process of buying a property.
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COULD HOUSEHOLD DEBT LEVELS BE A TRIGGER FOR ANOTHER ROUND OF CREDIT TIGHTENING?
Australian household debt levels have increased substantially over the past thirty years, with the ratio of household debt to annual disposable income rising from 68% in June 1990 to a recent peak of 188.5% in June 2019. Since June last year, the ratio has reduced slightly to 185.0%.
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WHY AUSSIE HOMEOWNERS ARE HOLDING PROPERTY LONGER THAN A DECADE AGO
Australian homeowners are holding onto their properties for longer than they were a decade ago and it’s not necessarily because they are comfortable. Experts say rising house prices and transactional costs as well as an ageing population are key reasons why Australians are staying put for longer.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 15 NOVEMBER 2020
Sales activity increased three per cent in Perth last week, with REIWA members reporting 918 transactions. This increase can be attributed to a nine per cent rise in house sales, two per cent rise in unit sales and 28 per cent fall in vacant land sales over the week.
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CHIEF ECONOMIST UPDATE: INVESTORS SLOWLY RETURN BUT NOT IN OUR BIGGEST CITIES
Investors evaporated fairly quickly from the property market at the end of 2017, the catalyst being the announcement of the financial services royal commission. A subsequent clampdown on lending led to a fall in property prices in many locations across Australia, particularly those with a lot of investor activity. Conditions remained stagnant for two years but by the end of 2019, as prices rose, investors began to tentatively re-enter the market. Then COVID-19 shut that activity down.
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NATIONAL AUCTION MARKET PREVIEW – 15 NOVEMBER
There are 1,825 auctions scheduled to take place across the combined capital cities this week, up from 1,757 auctions last week, although lower than the 2,590 held over the same week last year.
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OCTOBER SALES ACTIVITY PROVIDES CONFIDENCE TO THE PERTH MARKET
According to reiwa.com data, Yanchep showed the largest increase in sales activity growth with a 133 per cent increase and the majority of the sales that occurred were land sales. This was closely followed by East Victoria Park with a 100 per cent increase, Cloverdale with an 86 per cent increase, Hammond Park which was up 67 per cent and rounding out the top five was Aveley with a 63 per cent increase.
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PERTH PROPERTY MARKET BOOMS OFF THE BACK OF COVID-19 CRISIS
Pent-up buyer demand, low interest rates and an extraordinarily tight rental market have helped fuel a mini-boom within the Perth property market. Perth’s median house price has recorded the strongest annual gain since 2014, up 2.4 per cent to $534,336, which was just over $12,000 above the mid-2019 trough, the latest Domain House Price Report revealed. However, unit prices have continued their annual decline, with a fall of 4.5 per cent to $335,869.
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TRENDS IN HOUSING FINANCE SHOW THE CONTINUED RISE OF OWNER OCCUPIERS AND FIRST HOME BUYERS
The latest ABS housing finance data shows the volume of finance lent for the purchase of property increased 5.9% in the month of September, taking the quarterly increase to 20.0%, the highest quarterly growth rate on record. It follows a 10.9% contraction in housing finance through the June quarter, when strict social distancing restrictions, such as a ban on open home inspections and on-site auctions, resulted in a sharp drop in transactions.
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INDUSTRIAL CHIC APARTMENTS A CHANCE TO RESIDE IN BOANS RETAILER HISTORY
Once part of Western Australia’s famous Boans retail chain, these meticulously-converted warehouse apartments offer the chance to take up residence in a historical landmark.
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