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Sales & Rental Markets Improving – REIWA Update

19 Apr 2017 prowest 0 Comment

Sales and leasing activity improve in Perth
07 April 2017

Activity improved across both the SALE and RENTAL markets in Perth in the 3 months to March 2017, with house sales transactions increasing by 30% over the 3 month period and leasing activity increasing by 24%.

Hayden Groves, President of Real Estate Institute of WA (REIWA) said it was encouraging to see market activity lift notably across both sectors of the Perth property market.

Signs are certainly beginning to suggest that the worst may be over in Perth. Home buyers, investors and tenants are clearly taking advantage of favourable conditions to secure their dream home, property investment or rental lease,” Mr Groves said.

reiwa.com data shows that not only did leasing activity

Additionally, all 5 sub-regions experienced notable hikes in activity levels, with leasing activity in the North West sub-region the standout.

While the rental market certainly still presents its challenges for landlords with listing levels remaining high, tenants are very active right now. I advise landlords to listen to the advice of their property managers when advertising their property for lease. The market remains competitive, but provided your rental is priced and presented well, you have a very good chance of securing a tenant,” Mr Groves said.

In the residential sales market, reiwa.com data shows house sales activity held up relatively well on an annual basis, adjusting back slightly by one per cent in March 2017 compared to March 2016, while listings for sales declined by 3% on an annual basis (good for Sellers).

Sales activity in Perth appears to be stabilising. We’re not seeing the big shifts in levels that we once were, and in fact, we’re regularly seeing activity levels show signs of improvement which is pleasing.

Listing levels are also stabilising, with the rate of increase slowing over the last year,” Mr Groves said.

For a quick wrap up of how the Perth property market performed in March, watch the Latest REIWA market update video.

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