Perth Market Snapshot for the week ending 15 August 2021

Sales activity increased three per cent in Perth last week, with REIWA members reporting 860 transactions. This increase can be attributed to a four per cent increase in house sales and an eight per cent rise in vacant land sales. Unit sales declined four per cent during the week.

Catalyse Community and Wellbeing Scorecards – Your Chance To Rate Us!

The City of Belmont is continuously finding ways to improve the quality of life for its residents. To help plan for the future, the City is currently conducting a survey called the MARKYT Community Scorecard 2021 and MARKYT Wellbeing Scorecard 2021 commencing on Monday 16 August. The results will be used to benchmark the City's performance against other local governments and improve services to the community.

Australia’s dwelling sales to new listings ratio hits an average of 1.4 in the three months to July

Dwelling sales continue to surge across Australia against low listings levels. In the three months to July, CoreLogic estimates there were around 171,100 sales. This is 53.4% higher than what has typically been seen this time of year for the previous five years. In the same period, there were just 121,200 newly advertised properties for sale in the three months to July. This has taken the ‘sales to new listings ratio’ to recent highs nationally, at 1.4 over the three months to July. The sales to new listings ratio is calculated by dividing the number of sales that have taken place over a given period by the number of new listings added to the market over the same time. For the past decade, the ratio has averaged 0.9, suggesting for each listing added to market, there was just under one transaction that took place.

Perth’s current property growth tracking almost twice as high as previous cycle

The Perth market recovery is tracking at an average growth rate of 0.9 per cent per month, which is almost double the average growth rate recorded during the 2011-14 growth cycle of 0.5 per cent. REIWA President Damian Collins said Perth’s last growth cycle lasted 30 months and resulted in 15 per cent price growth. “We are just 12 months into this current growth cycle and prices in Perth are already up almost 11 per cent, with the bulk of that growth occurring in the first six months of this year. “For comparison, the total price growth recorded during the first 12 months of the previous upcycle was six per cent,” Mr Collins said.

Perth Market Snapshot for the week ending 8 August 2021

Sales activity decreased 11 per cent in Perth last week, with REIWA members reporting 841 transactions. This decrease can be attributed to a 10 per cent fall in house sales, an eight per cent fall in unit sales, and an 18 per cent fall in vacant land sales over the week.

Perth Market Snapshot for the week ending 1 August 2021

Sales activity increased seven per cent in Perth last week, with REIWA members reporting 947 transactions. This can be attributed to seven per cent increase in house and unit sales and a 15 per cent increase in vacant land sales.

Perth is now Australia’s most affordable capital city to buy a house

For the first time in 28 years, Perth has emerged as the most affordable city in the country to buy a house, a new report has revealed.

Perth Market Snapshot for the week ending 25 July 2021

Sales activity increased three per cent in Perth last week, with REIWA members reporting 894 transactions. This can be attributed to 47 per cent increase in vacant land sales, while house and unit sales were unchanged over the week.

Belmont Hub Recognised For Excellence In Construction

Belmont Hub’s builder PACT Construction received four awards at the weekend’s Master Builders Association of Western Australia Bankwest Excellence in Construction Awards. The City of Belmont’s community centre Belmont Hub was recognised for excellence in the categories of:

• Best Public Use Building $20 - $50 Million;
• Best Office Use Building $20 - $50 Million;
• Excellence in Energy Efficiency; and
• Excellence in Waste Management.

Perth Market Snapshot for the week ending 18 July 2021

Sales activity increased eight per cent in Perth last week, with REIWA members reporting 875 transactions. This can be attributed to seven per cent increase in house sales and a 31 per cent increase in unit sales, however vacant land sales declined by 18 per cent.

Mortgage serviceability cheaper than renting on over a third of Australian properties

CoreLogic analysis suggests servicing a mortgage is now cheaper than paying rent on 36.3% of Australian properties, which is higher than the pre-COVID proportion of 33.9% reported in February last year. The analysis was undertaken at the individual property level, using a set of mortgage assumptions and valuation estimates, to approximate mortgage repayments. These were then compared with rental estimates at the individual property level. Using these estimates of mortgage and rent, the data reveals striking differences in housing costs across different parts of Australia.

Perth market snapshot for the week ending 11 July 2021

Sales activity decreased 12 per cent in Perth last week, with REIWA members reporting 813 transactions. This decrease can be attributed to a three per cent fall in house sales, a 16 per cent rise in unit sales, and a 61 per cent fall in vacant land sales over the week.

Perth Market Snapshot for the week ending 4 July 2021

Sales activity increased five per cent in Perth last week, with REIWA members reporting 932 transactions. This increase can be attributed to a 140 per cent rise in vacant land sales during the week, despite house and unit sales declining by three per cent and 27 per cent respectively.

WA’s affordability gap between homeowners and renters is growing

A growing divide between homeowners and renters has emerged in Western Australia, with a new report revealing the disparity in housing affordability has widened since COVID-19.

The recent Bankwest Curtin Economics Centre’s Housing Affordability in WA: A tale of two tenures report shows while property owners are more comfortable than they have been in some years, private renters, particularly single parents, are struggling to make ends meet.

The report draws on research from the fourth BCEC Housing Affordability Survey of 4000 households across Western Australia, New South Wales and Queensland.

The perception of housing affordability improved with 53% of WA respondents saying they considered their housing affordable, compared to 39% in 2015. For homeowners, this was partly driven by lower mortgage interest rates.

Perth home values increase seven per cent in first half of 2021

Perth home values increased seven per cent in the first half of 2021, according to the latest CoreLogic figures. REIWA President Damian Collins said while the Perth home value index for June had only increased by 0.2 per cent, the cumulative growth over the first six months of the year had been substantial. “Although the June price growth rate is the smallest we have experienced this year, it has still been a positive year and brings the year-to-date total growth tally to seven per cent. Furthermore, in the last financial year, home values have increased 9.8 per cent in Perth.