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| Real estate market ‘pendulum’ swings in favour of sellers |
+ By Stuart Cox, Managing Director of The Peard Real Estate Group
The last few months has seen a remarkable change in the local real estate market with property sellers now in a much stronger negotiating position due to a growing shortage of properties for sale.
This trend is underlined by the latest figures produced by REIWA which show that during the December 2009 quarter there were 10,400 properties listed for sale which is a drop of 35% during the last year.
Buyers have therefore fewer homes to choose from while at the same time confidence in the property market has increased significantly over the last year due to improving economic conditions.
The end result is that the Perth median house price is now around the same level as the boom of 2006/2007.
However, while market conditions have improved, properties still need to be properly priced and marketed.
The average selling time for a home in Perth is now around 54 days and while this selling time frame has fallen by around 20 days in the last year, properties which are over priced will struggle to find a buyer even in current market conditions.
This trend is underlined by the fact that Peard offices are now receiving multiple offers on many of the properties we have listed for sale in the northern suburbs because they are correctly priced and therefore attract the greatest potential number of buyers.
While the real estate property sales market is performing very strongly, the rental market has undergone a major correction in recent months.
The rental vacancy rate in Perth is now 4.7% which is a rise of 2.3% compared to this time last year.
This surge in the number of rental properties available for rent has meant that landlords have to work harder to find a quality tenants.
Weekly rents have to be very competitive and properties need to be very well maintained.
Many landlords who manage their own properties are now struggling in current market conditions and that is why they are deciding to use professional property management companies such as Peard.
Over the last three months, Peard has recorded a 35% jump in the number of enquiries from private landlords seeking our company to manage their properties and we expect this trend to increase over the coming year. |
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| Buy in 2010 to ‘cash-in’ down the track |
By David Hobbs
CEO, Professionals Real Estate Group
With the median price of a home in Perth now approaching $500,000, housing affordability in Perth will become a major issue during 2010... |
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| More than 90% of property buyers influenced by outside presentation of home |
n By Stuart Cox, Managing Director, Peard Real Estate Group
A survey of people buying properties through The Peard Real Estate Group has found that more than 90% or nine out of every ten buyers make... |
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| Special End of Year Release at Shorehaven at Alkimos |
Peet Limited is launching a ‘Special End of Year’ land release at Shorehaven at Alkimos this Saturday (19 December 2009) with a tempting pre-Christmas bonus for home buyers.
A $10,000 rebate is avai... |
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| Housing finance commitments rise in September |
Australian housing finance commitments for owner-occupied housing rose 5.1 per cent in September.
This jump in owner-occupier loans for construction to the highest level since December 1994 clearly ... |
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| Beach living and investing |
It is easy to see why anyone would want to own beach real estate, especially if they are planning to live there.
Coastal living has tremendous allure: wandering around barefoot with sand between th... |
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| Rising rental yields boosts property investor activity in Perth |
| Paul Bennion, Managing Director of DEPPRO, said that during the September 2009 quarter tax depreciation reports for property investors had increased by more than 20 per cent compared to the Septembe... |
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| Rising rental yields boosts property investor activity in Perth |
| Paul Bennion, Managing Director of DEPPRO, said that during the September 2009 quarter tax depreciation reports for property investors had increased by more than 20 per cent compared to the Septembe... |
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| Henry sets the record straight – No CGT on family homes |
| President of the Real Estate Institute of Australia (REIA), Mr David Airey, has welcomed Dr Ken Henry’s clarification that Capital Gains Tax (CGT) will not be imposed on the family home as part of th... |
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| Top 10 Boom Suburbs - What to expect in 2010 |
| The upward pressure on property prices at the bottom end of the real estate market will result in a wide range of suburbs where the median house price is below $400,000 smashing through this barrier ... |
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| Units no longer housing’s poor cousin |
Many home buyers and investors have adopted the philosophy that houses will generally outperform units.
Most would argue that the underlying value of the land associated with a house is the real dri... |
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| Housing prices increasing – but still affordable |
The Professionals Index, which reflects the average price movements across 200 Perth suburbs, is now at 130.2 points which reflects an average housing price of $465,936.
The Professionals Index was ... |
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| Upgraders urged to lock in building contracts now |
| Anyone considering building a second or third home in Western Australia during the next year should bring forward their plans and lock in their new home building contract now before the economy rebou... |
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| Australian home values increase 5.9 per cent |
Over the first seven months of the year Australian home values increased across every capital city, rising by 5.9 percent nationally.
Based on Australia’s largest property database, o... |
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| Gen Y’s to force mega real estate boom by 2012 |
Real estate booms over the past 20 years have come about as a result of baby boomer (born 1944 – 63) demand however the sheer numbers of maturing generation X and Y will ensure the Australia... |
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| Double digit house price growth predicted nationally |
BIS Shrapnel predicted that the top performing cities will be Sydney, Melbourne, and Adelaide - all picked to see their house prices rise 19 per cent.
BIS Shrapnel also forecast Newcastle w... |
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| June quarter restores the balance – Perth median up $20K |
Perth’s housing market appears to have returned to normal, according to the latest data released today the Real Estate Institute of Western Australia.
REIWA reports that a surge in s... |
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| New property index helps track market trends |
Professionals Real Estate Group has launched a new market index in partnership with RP Data Information Services to accurately track movements in the Western Australian residential property market... |
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| Stirling wants your say at the ‘Festival of Ideas’ |
The City is looking to shape the vision for the Stirling City Centre, which includes generating renewable energy, recycling waste and providing diverse housing, employment and recreational opportu... |
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| Perth market recovers in June, rents soften |
Preliminary data released today by the Real Estate Institute of Western Australia show that Perth’s median sale price for homes grew by $15,000, or around 3.5 per cent, in the June quarter.<... |
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| Migration benefits investors in northern corridor |
Western Australia is benefitting from a surge in migration to Western Australia according to The Investors Club, the largest property group in Australia.
According to Kevin Young, Pre... |
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| Auctions gain a foothold in Perth |
In Melbourne and Sydney auctions are usually the preferred method of sale, particularly for sought after properties.
Auctions haven’t been nearly as popular in Perth, more traditiona... |
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| Housing Affordability The Best In Seven Years |
The First Home Buyer Affordability Report, a report from the Housing Industry, with the Commonwealth Bank of Australia has revealed a 14.6 per cent improvement in affordability for the March 2009 ... |
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| Beachside Living at Scarborough gets boost |
Recent changes to the local by-laws affecting the Scarborough foreshore have met with approval from Tom O’Rourke, principal of Sunset Coast Real Estate.
Mr O’Rourke says, &ldquo... |
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| Planned transfer duty changes to benefit home buyers |
The State Government has announced home buyers will have their cashflow pressure eased due to a series of planned changes allowing them to pay transfer duty as part of the settlement process.
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| “No Recession” is good news for the property market |
| The announcement on Wednesday by the Australian Bureau of Statistics that Australia has avoided a recession with the economy growing by 0.4 per cent during the first three months of 2009 will help bo... |
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| RBA keeps rates low |
The Reserve Banks decision to keep the cash rate unchanged at 3 per cent for the second consecutive month will be welcome news to the real estate sector.
The Reserve Bank issued an announcement on J... |
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| Have your say about the Ocean Reef Marina |
City of Joondalup residents have this week received an invitation to have their say regarding the proposed redevelopment of the Ocean Reef marina site.
The Council has endorsed a “concept plan... |
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| Boom in property investment predicted for new financial year |
| There is now growing evidence that there will be a boom in property investment with the start of the new financial year, suggests Rory O’Rourke, Principal of O’Rourke Realty Investments and Vice Pres... |
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| Extended - First Home Owner Grant |
| In a move that will prove popular with everyone in the real estate industry, Federal Treasurer Wayne Swan announced in the 2009 budget that the First Home Owners Grant will be extended another six mo... |
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| RBA - Interest rates |
At its meeting on Tuesday, the Reserve Bank decided to leave the cash rate unchanged at 3 per cent.
Glenn Stevens, Governor Monetary Policy said, “The global economy contracted further during ... |
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| RBA maintains low rates |
The Reserve Bank of Australia (RBA) has decided to leave the cash rate unchanged at 3.0 per cent.
While many were hopeful the rate would lower, the RBA has noted that market and mortgage rates... |
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| First homebuyers take note: Boost deadline fast approaching |
Potential first homebuyers need to be aware that the Federal Government’s First Home Owner Boost deadline is fast approaching.
In order to take advantage of the offer, first homebuyer... |
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| Lower priced suburbs primed for growth |
After three years of stagnant or falling house prices, it has been predicted that lower priced properties in well located areas of the northern suburbs should begin to achieve rising capital value... |
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| Record numbers of first home owners entering market |
ABS data shows record number of first home owners entering market.
ABS Housing Finance data released last week shows a record number of loans to first home owners in February.
Figure... |
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| Baby Boomer property investment doubles in the past three months |
Continuing volatility in the stock market is encouraging more investors to return to buying property in the local real estate market according to Stuart Cox, Managing Director of The Peard Real Es... |
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| Demand for low cost properties expected to grow |
The surge by first home buyers in the WA property market will soon result in a scarcity of properties priced for sale under $400,000 according to Mark Sinclair, CEO of Raine & Horne WA.
... |
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| Natural resources bolster Perth rental market |
Specialist corporate rental company Peter Bruhn & Associates believes that renters may only be experiencing the calm in the eye of the cyclone before the storm of demand for quality rent... |
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| Loan approvals for first home buyers highest since 2001 |
ABS figures for December 2008 show that there were 1,774 home loan approvals for first home buyers in Western Australia.
According to Ryan Dhue, Managing Director of The Mortgage Gallery, this... |
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| Home buyers flock to variable rate loans while rates low |
Variable rate loans now account over 91 per cent of all home loan approvals in Western Australia.
This is a level not seen since January 2003, according to Mortgage Choice.
In relation ... |
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| Potential for positive gearing creates property investment surge |
Local Real Estate agencies have recorded a surge in activity by property investors in the bottom end of the Perth real estate market since the start of the year.
According to Stuart Cox, Ma... |
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| Where Should You Invest Your Savings? |
There will be a surge in investment activity by older investors in the Western Australian property market during 2009 because property is now beginning to deliver higher returns than savings accou... |
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| Perth properties now more affordable |
Hot on the heels of the latest interest rate drop is news that the affordability difference in Perth property prices between the beginning of last year and October 2008 is the greatest in Australi... |
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| Infrastructure Spend Expected To Boost House Prices |
Both the Federal and State Governments are planning to spend billions of dollars on new infrastructure projects to help boost the economy during the global financial crisis.
Mr Stuart Cox, ... |
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| How to sell your home in today’s market |
Perth home owners selling their property in the current market were increasingly making cost and time savings that were detrimental to the success of the sale of their home, according to CEO of Ha... |
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| Manage Your Mortgage in 2009 |
If you are among the home buyers who have successfully snapped up a bargain with the assistance of the First Home Owners Boost, or perhaps a seasoned professional already in the market or contempl... |
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| First Home Owners boost spurs market |
More than 5000 Australians took advantage of the Government’s First Home Owners boost in its first full month of operation.
That’s the news according to figures released last week.
Figu... |
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| ‘YOUTH BOOM’ TO HAVE POSITIVE IMPACT ON HOUSING MARKET |
The demand for both rental and owner occupier homes in Western Australia over the next two decades will be underpinned by a ‘youth boom’ according to Rory O’Rourke, Principal of ... |
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| Real estate recovery |
Federal and local factors point toward a resurgent real estate market in 2009.
The Perth real estate market of 2009 is set to benefit from this year’s federal government initiatives and fall... |
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| Plan Your Garden Carefully for a Waterwise and Beautiful Result |
Despite the water restrictions, you can still have a green and beautiful garden, if you plan carefully, and have the best watering system for your needs.
Reticulation systems are a netwo... |
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| Is your home secure while you are away? |
The holidays are a boon time for thieves, with many people away from their homes for extended periods of time. There is nothing worse for a homeowner to come back from a lovely, refreshing br... |
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| Increase the value of your property with smart renovations |
Price, presentation and promotion are the three P’s which property sellers need to focus on if they want to achieve a pleasing sales result for their home.
The first key issue to c... |
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| Rate is right for home purchase |
The HIA, Australia’s largest building industry association, says that the further 1 percentage point cut to interes... |
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| Property is the logical choice for investors |
| Reports gathered over the last few weeks have shown that Perth investors are favouring the property market over the “battered” share market according to CEO of Harcourts Western Australia, Andrew Moo... |
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| Survey shows the majority of Australians are positive about their finances |
A survey commissioned by Mortgage Choice has found that despite the international credit crunch and high interest rates, almost three quarters of Australians regard their current financial s... |
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| Perth market benefits from dynamic Australian economy |
According to Liz Beveridge media hype has contributed significantly to the current concern over property prices
in Perth.
Liz Beveridge is director and principal of Principle Property.
“It is ver... |
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| Rental yields continue to attract investors |
| Perth rental yield rates have ensured that property investment remains a profitable option in the long term, even in the current uncertain economy, according to CEO of Harcourts Western Australia, An... |
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| Extended arteries promise community benefits |
They’ve been three years in the making – and the new Mitchell Freeway and Marmion Avenue extensions are now complete.
The Mitchell has been extended from Hodges Drive through to Burns Beach Road, an... |
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| Introducing realestatewa.com.au – the new WA focussed real estate portal |
Real Estate WA is pleased to announce the long-awaited launch of our brand new website – realestatewa.com.au.
We are committed to providing consumers with the most effective t... |
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| Recent announcements spell good news for first home buyers |
With the recent announcement by the federal government of an increase in the First Home Buyers Grant to up to $21,000, recent interest rate cuts... |
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| Consumers are searching on line |
87% of Australia’s 9.1 million adult internet users access search engines every day.
In WA this represents almost 800,000 people who are searching for information.
79% of Australian internet user... |
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