PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 8 NOVEMBER 2020
Sales activity decreased one per cent in Perth last week, with REIWA members reporting 910 transactions. This decrease can be attributed to a seven per cent fall in house sales, a five per cent rise in unit sales, and a 25 per cent rise in vacant land sales over the week.
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AUCTION VOLUMES HOLD FIRM WEEK-ON-WEEK ACROSS THE COMBINED CAPITALS
There were 1,758 homes taken to auction across the combined capital cities this week, slightly higher than the previous week when 1,747 auctions were held. Of the 1,420 results collected so far, 73.2 per cent were successful. Last week, a preliminary clearance rate of 77.0 per cent was recorded across the combined capitals, revising down to 71.0 per cent at final figures. One year ago, 2,412 homes were taken to auction and 70.6 per cent of reported auctions were successful.
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IS A STRUCTURAL SHIFT IN HOUSING DEMAND LEADING TO A REGIONAL HOUSING BOOM?
There has been a high level of interest as to whether the pandemic has spurred housing demand in regional markets of Australia. Housing market data is partially suggestive of this, especially across the largest capital cities. Rental value increases are positively correlated with greater distance from the CBD for the largest capital cities. The latest CoreLogic indices show growth across regional housing markets is higher than the capital cities in both quarterly and annual terms.
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THREE PERTH SUBURBS THE NEXT TO JOIN WA’S MILLION-DOLLAR CLUB, DATA PREDICTS
If your Melbourne Cup betting game was on point, you may want to consider continuing the lucky streak by hunting out homes in Sorrento, Mount Lawley or South Fremantle.
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RBA CUTS CASH RATE TO UNPRECEDENTED LOW OF 0.1%
Today’s cut takes the cash rate target to an unprecedented low. If passed on by the banks, which is highly likely, we will see mortgage rates fall further from their already record lows. Historically cuts to interest rates have fuelled housing market activity and generally aligned with upwards pressure on dwelling prices. With the trend in housing values already rising around most areas of the country, there is a good chance lower rates could see momentum building across the nation’s most valuable asset class.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 1 NOVEMBER 2020
Sales activity remained stable in Perth this week, with REIWA members reporting 933 transactions. This stability can be attributed to a three per cent rise in house sales, 21 per cent fall in unit sales and 23 per cent rise in vacant land sales over the week.
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CORELOGIC OCTOBER HOME VALUE INDICES: AUSTRALIAN HOUSING VALUES MOVE INTO RECOVERY MODE
Following five months of consistent declines in residential property values, CoreLogic’s national home value index moved back into positive month-on-month growth through October, posting a 0.4% rise. The lift in home values was broad based, with every capital city apart from Melbourne posting a rise in values over the month.
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PERTH DWELLING VALUE INCREASES 0.6 PER CENT IN OCTOBER
Perth’s residential housing market has experienced growth in October, with CoreLogic’s Home Value Index increasing 0.6 per cent when compared to September and 0.9 per cent over the quarter.
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PERTH PROPERTY MARKET UPDATE – OCT 2020 – FINALLY IN RECOVERY!
In this intensive Perth Property Market Update I give you my deep insights into the Perth Rental and Sale market by uncovering the factors affecting prices and giving you my action steps and crystal ball on the year ahead. Grab a tea or coffee, I have lots to tell you about… Its going to be very interesting.
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PERTH MARKET SNAPSHOT FOR THE WEEK ENDING 25 OCTOBER 2020
Sales activity increased six per cent in Perth this week, with REIWA members reporting 946 transactions. This increase can be attributed to a two per cent rise in house sales, a 20 per cent rise in unit sales and 13 per cent rise in vacant land sales over the week.
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MEDIAN SALE PRICE INCREASES IN EIGHT REGIONAL CENTRES SAYS REIWA
Eight of Western Australia’s nine regional centres have recorded an increase in median sale price for the September 2020 quarter, with Karratha experiencing the largest increase of 8.1 per cent to $465,000.
Read MoreSOUGHT-AFTER ‘IMAGINABLE LUXURY’
Creating a western suburbs first, High End Nicheliving has released a boutique Nedlands luxury home development of five double-storey homes – but without the expected high-end price tag.
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PERTH HITS RENTAL CRISIS AS VACANCY RATE PLUMMETS BELOW ONE PER CENT
Perth’s residential vacancy rate continues to rapidly decline, falling to 0.96 per cent which is the lowest it has been in 13 years, and only the third time in 40 years it has dropped below one per cent.
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PEACE OF MIND FOR NEW HOME BUILDERS WITH WA COVID GRANTS EXTENDED
The West Australian building sector has welcomed a move to extend the Building Bonus stimulus, allowing home builders more time to qualify for the $20,000 grant.
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LET’S MAKE REAL ESTATE GREAT AGAIN
If there’s one thing about our industry that’s totally frustrating, it’s that talented professionals are constantly undervalued.
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