The newest suburbs now belonging to Perth’s million-dollar club

Four Perth suburbs have joined the million-dollar club after their median house price grew to seven figures during the year to June, new data has revealed.

Housing turnover reaches the highest level in nearly 12 years

CoreLogic estimates there were almost 598,000 house and unit sales across Australia over the year ending August 2021; the highest number of annual sales since 2004 and a 42% lift on the annual number of sales over the previous 12-month period.  Nationally, the number of dwellings sold over the past year was 31% above the decade average and 24% higher than the 20-year average.

Stamp duty rebate for off-the-plan apartments extended in WA

The extension of Western Australia’s stamp duty rebate for units sold off the plan will help increase the supply of apartments and attract investors back to the market, property sector stakeholders say.

The rebate for off-the-plan residential units and apartments was extended for another two years – at a reduced rate – at a cost of $26.2 million in the WA state budget, which included a record $875 million boost for social housing.

Property Council WA executive director Sandra Brewer said the extension of the stamp duty rebate for apartments sold off the plan would help mitigate the forecast decline in dwelling investment next year and also secure a pipeline of apartment construction.

Perth Market Snapshot for the week ending 12 September 2021

Sales activity decreased seven per cent in Perth last week, with REIWA members reporting 902 transactions. This decrease can be attributed to a 10 per cent decline in house sales, however unit sales were up three per cent and vacant land sales were up five per cent. There were 8,509 properties for sale in Perth at the end of last week, which is two per cent more than the previous week.

More than 60 Perth suburbs record median price growth in August

New reiwa.com data shows 62 Perth suburbs recorded median house sale price growth during August. The Perth property market is usually quite subdued during winter, so it’s impressive that so many Perth suburbs still recorded median house sale price growth. Cooloongup recorded the strongest growth during the month, with its median house sale price increasing 4.5 per cent to $320,000 in August. Stirling came in second for price growth, with its median lifting 3.7 per cent to $810,000 in August, with Maddington claiming third spot for the month, with its median up 2.8 per cent to $345,000. Forrestfield and Quinns Rock rounded out the top five, both recording 2.2 per cent growth to their medians at $440,000 and $545,000 respectively. Medina (up 2.1 per cent to $270,000), Booragoon (up two per cent to $850,000), Spearwood (up two per cent to $490,550), Ocean Reef (two per cent to $790,000) and Beckenham (up two per cent to $399,000) completed the top 10 for August.

WA remains cheapest state for housing and rentals

Western Australia is once again the most affordable state in Australia for housing and rentals, according to the Real Estate Institute of Australia’s Housing Affordability Report. Although overall affordability declined in WA during the June 2021 quarter, WA remains the most affordable state in the country for housing, with only the Australian Capital Territory and Northern Territory more affordable. The Housing Affordability Report shows the proportion of family income required to meet average home loan repayments in WA was 26.5 per cent in the June 2021 quarter, up from 26.3 in the March 2021 quarter and 25.4 in the June 2020 quarter. There were 14,069 loans taken out in the June 2021 quarter in WA, which is a 106 per cent increase on the June 2020 quarter. The average loan amount in WA during the quarter was $430,805. The average loan amount increased 2.9 per cent in WA during the quarter, which is significantly lower than other states like New South Wales and Victoria where the average loan amounts were $705,658 and $568,188 respectively.

House price growth heats up in 233 Perth suburbs during winter

Median house sale price growth occurred in 233 suburbs during Perth’s very wet winter this year. REIWA President Damian Collins said winter in Perth was traditionally a quieter time for the local property market, so it was pleasing to see the median house sale price in so many suburbs had continued to increase. “After a wet winter, it’s impressive that so many Perth suburbs recorded median house sale price growth between June and August,” Mr Collins said. When comparing winter 2021 to winter 2020, reiwa.com data shows there were 104 more suburbs to record price growth this year versus last. “The Perth property market has changed quite dramatically since winter 2020, which is reflected in the number of suburbs that saw price growth this year. The Perth property market is firmly in a recovery phase and many suburbs are feeling the benefits of this current growth cycle,” Mr Collins said.

Perth Market Snapshot for the week ending 5 September 2021

Sales activity increased six per cent in Perth last week, with REIWA members reporting 978 transactions. This increase can be attributed to an 11 per cent increase in house and unit sales and a four per cent increase in vacant land sales. There were 8,337 properties for sale in Perth at the end of last week, which is two per cent less than the previous week. A closer look at listing stock levels shows house listings decreased by four per cent, unit listings decreased by one per cent and land listings decreased by two per cent. Last week's total figure is on par with levels recorded four weeks ago and 22 per cent lower than a year ago.

Perth Market Snapshot for the week ending 29 August 2021

Sales activity increased eight per cent in Perth last week, with REIWA members reporting 931 transactions. This increase can be attributed to a three per cent increase in house, a 23 per cent increase in unit sales and an 18 per cent increase in vacant land sales. acant land sales declined 19 per cent during the week. There were 8,503 properties for sale in Perth at the end of last week, which is in line with the previous week. A closer look at listing stock levels shows house, unit and land listings were all stable over the week. Last week's total figure is three per cent higher than four weeks ago and 21 per cent lower than a year ago.

Perth home open numbers rise as spring selling season nears

House hunters are out in force in Perth’s property market as the spring market rush looms – and the number of buyers is already outstripping sellers.

Perth Market Snapshot for the week ending 22 August 2021

Sales activity increased two per cent in Perth last week, with REIWA members reporting 869 transactions. This increase can be attributed to a four per cent increase in house and unit sales. Vacant land sales declined 19 per cent during the week. There were 8,511 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 and unit listings increased by one per cent, while land listings were stable.

REA Insights Listings Report August 2021

New listings fall as lockdowns lead to seller trepidation; Opportunity for vendors amid uncertainty.

This monthly report analyses new and active listings on realestate.com.au to provide the most up-to-date view on property market supply trends.  

C21 Market Pulse August 2021

WELCOME TO THE AUGUST 2021 ISSUE OF Century 21  MARKET PULSE

The WA suburbs where your house earns more than your annual wage

The top 10 Perth suburbs where it’s cheaper to buy than rent

It is cheaper to buy than rent in 112 Perth suburbs, with Brentwood, Medina and Parmelia offering buyers the best value when comparing the costs of buying to renting. REIWA President Damian Collins said Western Australia was one of the most affordable places in the country to buy property in. “It is more affordable to pay the costs associated with servicing a home loan than pay the weekly rent in 112 Perth suburbs, which should give tenants encouragement that home ownership is within reach,” Mr Collins said.