prowest 
Perth Market Update June 2020
A lot has been happening this year with the outbreak of Covid-19 and the new release of government stimulus packages, but how
does this all tie in with real estate? And what does it mean if you were thinking of entering the market as either a buyer, seller or both, even as an investor?
We touch on these subject in the below article, in hope we can shed some light on these subjects in a way both understanding and informative.
Across Perth this week it was reported that the sales activity had overall decreased, however not in all areas. Vacant land sales actually saw a
spike of 35% in sales. This is more than likely attributed to the recent stimulus package Mark McGowan released for home buyers and First Home Buyers alike,
plus the announcement from Keystart extending their lending capacity.
Mark McGowan recently spoke out advising a new stimulus package of $50,000.00 for buyers who sign pre-construction contracts. This giving higher incentive
to potential home owners to build new homes, townhouses alike, in hope to provide support to the building and construction sectors.
WA home buyers could receive $45,000 in government assistance should they meet the income criteria for the federal government. First Home Buyers
who’re eligible for the existing $10,000 grant could receive up to $69,440 from the government.
In total the government is delivering $117 million for $20,000 for $20,000 Building Bonus grants, for home buyers signing up before 31st December 2020.
There are multiple other grants available, information can be found on the media release website here
Properties Currently For Sale
REIWA members reported over eleven thousand properties listed For Sale across Perth this week which is similar to the amount reported last week.
Although this may seem a great amount, this is actually three per cent lower than amounts recorded four weeks and 30 per cent lower than that
reported a year ago in Perth. Sellers remain hesitant on placing their property into the current market however buyers are still very much active.
In fact, buyer demand is currently outweighing the volume of new listings as Core Logic data suggests. The strong absorption of new listings to the
market last May suggests that as every new listing came to the market, buyer activity offset the additional stock. In the last 28-days to 31st of May,
new listings rose 22.4% on the previous period, but total listings fell -2.9%. (Core Logic).
Rental Market
The rental market saw levels of available properties drop by 16 per cent this week in June with an amount of over 4,000 properties made available on line, according to REIWA.
Leasing activity also saw a downfall of around 16 per cent with over 800 properties leased across Perth, however this could be due to the recent WA Day long weekend.
Comparing the market to a similar time last year, leasing activity is actually over 8 per cent higher which is an encouraging sight to the market, in hope for an even
higher rise in months to come.
Within the last 7 days, Prowest Real Estate have seen over 46 tenant enquries come through our system with approximately ten percent of those
applying for a property.
This week alone we have leased 2 of our vacant properties each receiving multiple great applications, an even greater improvement since this time last year.
The majority of our company’s rental listings rarely stay vacant for more than two weeks, thus ensuring all our landlords a steady income and little to no loss
between each tenancy. In May, we saw our vacancy rate drop to a record low of 1.1 % .If you would like a FREE no – obligation rental or sales appraisal on your home,
please call us on 9457 5733
