Prowest’s Perth Market Update – May 2019

Disclaimer: Some of the information contained herein have been sourced directly from reiwa.com.au. The article/s below have been altered. 

How did Easter & Anzac day affect Perth’s Real Estate Market, here is an update on Perth’s Market this week.

Easter & ANZAC holidays are now over but this hasn’t put a stop on Perth’s Real Estate Market.. Sales activity across Perth this week increased by 47% with REIWA members reporting 499 sales transactions.

Of the 499 transactions reported a whopping 88% of the transactions were due to an increase in Unit sales. Some of Perth’s top selling suburbs this week were Canning Vale, Thornlie and Willetton. These figures are compared to the previous week ending 28^th April 2019

For sale

The total amount of properties listed for sale this week were 16,642, as recorded by REIWA, which is 2% less than totals reported last week.

Looking closer at the stock levels, reported on REIWA, is showing that house listings have decreased by 2% and listings for units also decreased by 2% with vacant land only at a 1% decrease.

REIWA President Damian Collins said while prices remained soft, the percentage at which dwelling values were dropping had slowed from -1.46 per in February 2019 to -0.4 per cent in March and April.

“March and April have recorded the lowest level of declines since June 2018, which is an encouraging sign in a challenging market. While we don’t expect to see any notable price increases in the immediate future, price values look like they are starting to stabilise,” Mr Collins said.

When it comes to the top selling suburbs, it appears Gosnells was a top performer in April with its median price increasing by 3.4%. Other suburbs such as Canning Vale also so some movement in their median price.

Although the amount of properties for sale reduced by 3%, Mr Collins (REIWA President)  says these figures indicate we might start seeing signs of a recovery on the horizon, although the local market is still fragile.

“…With the federal election looming, REIWA remains concerned that any changes to national tax policies, like negative gearing and capital gains tax, will further stifle any green shoots of improvement that may be starting to emerge,” Mr Collins said.

 

Perth Rental Market

There is a slow rise in properties available to rent this week for Perth, with REIWA members reporting 7,277 properties available.

This figure is 2% more than last week and is 7% high than figures reported 4 weeks, however it is 19% LOWER than this time last year.

The current median weekly rent being achieved for Houses across perth is $370.00 per week which has finally increased from the median house prices seen at $350.00 per week in previous weeks this year.

For Units, the median house price in Perth is lower at $330.00 per week however, is still a good sign for current landlords.

If you’re coming to market, the average Days on Market, as of April 2019, is 37 days with an average of 25 days vacant. At Professionals Prowest Real Estate OUR days on average Days on Market sits lower at 20.3 days and an average of 9.7 Days vacant.

So if you are still concerned about the current rental market and want to achieve the best results, it pays to hire a Professional… A Prowest Professional.

Email bdm@prowest.com.au to book a FREE Rental Appraisal on your investment home and find out how we can best manage your home.