14. August 2013 20:04
According to REIWA, “There has been a 1% fall in the June quarter median house price over the period from May to July. The current median house price now sits at around $520,000.” Because of the small markets and has been a general softening in sales in April, July sales showed a fall also even those expensive westerns suburbs fall in the overall median. Median rents in Perth at the moment are stable at $480 for the house and $455 for a unit, apartment and a villa. Therefore, market conclusion for July, Home sales soften but rental market relaxes, based on the data given from REIWA. It really helps to homebuyers to find affordable homes.
22. May 2013 16:45
Based on the SQM Research, Perth house rents rose 22.5% and units by 17.1% in the last year. Mining boom drives rents to record high and Perth rent is more expensive than Sydney.
According to APM Chief Economist Dr. Andrew Wilson, “The ‘extraordinary rises’ were caused by a fly-in fly-out (FIFO) workforce that can afford to bid up the price of housing well beyond what locals could afford.
Population growth is one of so many factors that driven the house rent. Due to have boost economy, we are experiencing two speed rental market. Both house rent and house prices are increasing. We will expect that if the mining boom in Perth will continue growing, population grow will increase also. Therefore there will be a huge possibility to continue the rent to soar high.
16. April 2013 17:56
According to Real estate Institute of WA (REIWA), “Perth rentals have continued to rise with overall median rent jump of almost 12% on the same time last year to $470 per week.” During March quarter, Perth’s median rent has risen to 4.4% and the median rent for house stands at $480 and at $450 per week for unit. The modest increase in demand for rental across Perth was being freed-up by first home buyers who want to have their own home. REIWA data also shows that many people were heading to outer suburbs to secure more affordable accommodation.
7. February 2013 19:52
According to the Real estate Institute of WA (REIWA), “the median rent for unit, apartments, villas and townhouses fell to $420 a week during the December quarter.” December data would be the beginning data for the year and really affects of what happening on the market. The data shows that Perth rent in units and apartments dropped by $10 per week but rent in houses continued to rise to $10 per week.
Despite of all, REIWA found out that state’s rental vacancy rate lifted by 1.8% to 1.9%. Nowadays, house prices and rents are increasing but units and apartments fell. Will March quarter is the period to recover? Would rent will become flat or continue to fall?
1. February 2013 18:08
Based on the REIWA report last year, Perth’s rental market shown signs of easing the Perth’s rental market for the 4th quarter last year. Would it be a start to have an increase of rent in Perth?
According to REIWA President David Airey, “The data show that while the median rent for a house lifted by $10 to $460 per week, the median rent for strata dwelling such as units, apartments, villas and townhouses fell by $10 to 4420 per week.” Vacancy rate is still tightened but overall median rent has remained stable. Despite he modest drop in price for units and apartments, we need to instill out mind that we still have hope to cope up on March which is the strongest period in rental activity.
29. November 2011 18:12
Perth’s suffering market is
ready for a long-overdue recovery and the big news coming of Perth is the much
awaited 20 year transport plan. Easy means of transportation is he major factor
in the minds of tenants and buyers when they sell or buy a house. Because of
this news, Perth property investing community will be keenly eyeing up the plan’s
progress for tomorrow’s hot spots. The Public Transport Plan 2013 report, it
will encourage housing development along the route. The sense of permanence of
light rail provides certainty and encouragement for developers to move towards
more consolidated higher density along the route”.
According to Michael
Veletti, Director of CB Richard Ellis, “The market has certainty softened, but
we suspect lot of that is related to buyers staying out of the market due to
uncertainty about a number of issues: a “double rip’ global recession, interest
rates, he election and the ructions over the mining tax.” Because of this, there
is pent-up demand and the buyers will start coming out to invest. The law of supply and demand plays big role in the main market and the volatility of house price in market appears soft. It really helps to attracts the cash flow investor.
23. November 2011 18:00
“Rent in Perth has increased
by as much as 18% in just three months in some areas”, according to some real estate industry. Many renters will not move out of home because rent is overpriced and
unaffordable. The minimal supply of houses in Perth CBD led to the average rent
climbing and most renters give an offer to $20-30 above the asking price to
secure a property. According to WA today.com.au readers claim they are being
forced to live in suboptimal properties, and pay for the privilege. Readers claim it is a house renter’s
market, can charge overpriced with any mediocre made to their properties and
people will pay it.
According to REIWA President
David Airey said, “Prices would only get higher as more people flooded into the
city because new homes were being built at a far slower pace”. The vacancy rate
was critically fallen to 3% and a shortfall of available rental properties. Right
now, strong demand for rental properties is increasing and the pressure is
coming from new arrivals in WA for employment. But still, Perth Rent will
remain soft for coming months because WA needs more opportunity and a price
decrease for sure. However, a window of opportunity was opening now and it
would last over the Christmas period before the most competitive time of year.
31. October 2011 19:08
Perth rents have shown price growth over the last quarter. Perth
home buyers and renters are lacking confidence to buy and get into the property
market. Last September, renters suffered the mid-year rent rise and many
vendors withdrew properties from sale to rent them out instead. The rent increase was surprisingly increased
across the entire metropolitan area. Based on the REIWA, there was a 6% jump in new rental leases
over 3rd Quarter of this year, 20% fall for the strength of demand
has the properties available for lease. According to REIWA President David
Airey, “the falling stock level has seen the preliminary vacancy rate drop by
0.6 of a percent from 3.4 percent in the June quarter to 2.8 percent in the
September quarter. WA property market, after every low, there is always high.
Keep our sights set on a better time in the future and stay focused in
investing in the real estate market.
18. October 2011 18:06
WA rental also increased the most in the nation but based by RP Data. Perth was also the best performer in the June with 2.6% in the median rental price. According to RP Data Senior Research Analyst Cameron Kusher, “He was anticipating stronger levels of rental growth in the short-term and with sales volumes depressed and first-home buyers inactive, there was likely to be an increased competition for rental stock in the near future.” “This activity may be beneficial to investors who could see a boost in rental rates as vacancies tighten and fewer dwelling continues to commence construction,” he added. The prospects for strong growth in rents are much more limited and tourism market remains dilapidated for limited significant competition for rental stock.
Perth rental prices have increased by $15 per week, 6% of people signing rental agreement had increased, and the median rent in Perth is $400 per week. The house sales in Perth rising by 1% for the September quarter and sales of units, apartments, villas and townhouses falling by 1%. “According to Western Australian Council of Social Services Chief Irina Cattalini, “We are down to less than 3% of available housing, which is less than 3000 properties in the market.” The rental activity has concerned the already-sluggish housing market and few of those properties are available for people on low income so it also puts pressure on and increased demand for social housing and affordable housing across WA. According to REIWA’s latest report properties available for lease in Perth have fallen by 20%, from 3,600 at the end of June to 2,800 at the end of September. Minister for Housing Troy Buswell announced an additional 2,300 houses to be built across WA under the National Rental Affordability Scheme.
13. October 2011 18:08
According to Cameron Kusher, RP Data Senior Research Analyst, “Rent are growing in certain areas despite the fact that (Capital) values are falling, so potentially things aren’t quite as bad over all for somebody who owns a property and just focusing on capital gains.”
Investors looking to a secure a property with strong rental yields and REIWA are not expecting to see demand for properties or the premium price, to ease over the coming months. There are some states remains stable their rental prices but Perth is one of the states has rent increased. According to REIWA, for the first in 3 years, Perth experiencing a mid-year rental hikes. Some people who have low income cannot afford for those high rental properties and across WA there is increase demand for social and affordable housing.
REIWA President David Airey said that the increase in demand for rentals has put upward pressure on rents, which had not seen a rent supply”. In economics, there is a saying that, when the demand is high, and the supply is low, then the price is high and when the demand is low and the supply is high, then the price is low. This is happening now in WA, there is rental growth happening because the demand is very high and the supply is low. However, still Perth’s property market is expected to pick up by the end if the year.