September Perth property market update: is it time to buy?!

Back in April I said that there were selective signs of green shoots in the Perth property market.

Whilst indicators suggest that continues to be the case (more about that shortly), our expectation is that different parts of the market will continue to perform differently in the months to come, with any recovery in the short to medium term likely to be modest, patchy and protracted. But again, this will be different for different suburbs, price points and property types, with some likely to fare much better than others.

So is now a good time to buy?!

In their budget forecasts for the … Read more »

REIWA market update now free to the public

reiwa.com has launched a new look quarterly market update, which is now free to the WA public.

The market update, which was previously only available to REIWA members,  highlights real estate activity across Western Australia.

In addition to Perth suburb data, the update also includes a comprehensive review of WA’s regional centres, an update on the Perth rental market, feature articles and an economic wrap-up.

“The WA public now have a reliable, informative and visually appealing real estate publication to help them get to know their local property markets at a deeper level,” says reiwa.com CEO Neville Pozzi…. Read more »

The market is the market…

So here we are at the end of May and the consistent question from buyers, sellers and home owners alike is “How’s the market?”.

The Perth property market is something we contemplate daily. What’s new to the market, what’s sold and how much for, how long has something been on and what’s it been price adjusted to, what’s happening with rents, what’s happening with migration and unemployment, what’s happening with interest rates and what lending changes are the banks introducing now?  All of these things and more feed into consumer confidence and influence price and market activity. Most importantly, and you’ll always hear me say this, the Perth market is not homogenous. … Read more »

April Perth property update: signs of green shoots?

Despite the state election, an event that usually precipitates a slowdown in property sales activity, the Perth residential sales market has had a good start to 2017, with sales transactions for the quarter ending 30 March ahead of the same period last year.

Any thoughts of an across the board recovery in the Perth property market this year though are likely premature, with statistics showing the strongest sales activity being in popular established suburbs that predominantly cater to the residential trade-up sector.

That analysis by REIWA and Herron Todd White concludes with our own anecdotal observations where locally, we’ve seen good quality, renovated character or near new … Read more »

2016 Perth property market review: Are we there yet?

Same headline, just 12 months further on…

And buyers and sellers keep asking, “Are we there yet?”, “Have we hit the bottom?” or, “When do you think the market will recover?”.

Anyone have a crystal ball?!

In their December 2016 Month in Review, national property valuers Herron Todd White stated that they thought the Perth housing market was now at the bottom but provided no indication of a projected turnaround in performance in 2017.

[caption id="attachment_1547" align="alignnone" width="1037"] Source: Herron Todd White[/caption]

Instead, they cited a recent Consumer Housing Market Sentiment survey by CoreLogic-TEG that found that only 20% … Read more »

March Quarter 2016: Property prices steady, sales lift

 

REIWA President Hadyn Groves has confirmed that the median Perth house price seems to have remained steady for the quarter ending March 2016 and that sales have also lifted slightly from the end of last year. The anticipated glut of new listings coming to the market hasn’t materialised and rental vacancy rates are holding steady too, have fallen slightly from 6 to 5.9%. Find the link to the full article here.

 

Perth property sales jump in February – blip or trend?

It’s what we thought but now its confirmed, Perth property sales lifted in February. Whether it’s a blip or a trend remains to be seen, but our sense is that buyers might be thinking that the market now is pretty much as low as its going to get, and that now might be a good time to trade up or buy.

Whilst the median price has been reported as having slipped since the beginning of the year to $529,000, following a slight uplift for the December quarter, the total number of properties listed for sale is lower now than it … Read more »

2015 Perth property market review: are we there yet?

So have we hit the bottom of the market or is there still further to go? It’s the question on every Perth property buyers lips but one to which there’s no obvious answer, because the Perth market is not homogenous and so much in relation to our current performance seems to rest on what buyers think the market will do.

If buyers overall believe prices will continue to fall they’ll hold off buying and prices will slip accordingly. But if sentiment starts tipping the other way, so will prices. Reporting of the performance of the property market now seems to resemble the stock … Read more »

Advice to buyers: don’t get sucked into the “buyers market” spin

The media has been fixated on it for months: It’s a buyers market! Perth’s property slump! Perth prices to continue to fall! It’s true, overall, market conditions are now very different to what they were last year, there are currently just under 16,000 properties on the market (up 27.5% on twelve months ago) and REIWA calculates that the median house price fell by 3.6% over the September quarter from $550,000 to $530,000.

But properties are still selling, people still need homes to live in, and there are properties defying the touted conditions and still attracting significant buyer interest and multiple offers. It seems that every other day I meet another … Read more »

May/June Market Update

REIWA reports that the median house price for Perth for the May 2015 quarter remained steady at $547,000 but that rents have fallen again (see full article here).

Now that we’re entering the Winter months we would normally expect to see a slowdown in listing and selling activity. The number of properties currently listed for sale remains steady at around 14,250 (as at 24 June) but we seem to be having an end of financial year flurry in sales with a 10% bump on the usual average recorded last week.

Overall, Perth sales activity has been below average since Easter, despite the May interest rate cut, reflecting the decline in WA consumer sentiment. … Read more »