Welcome to another Naked Real Estate market update for the Perth metropolitan area. I hope you find this information of benefit to you.
The current number of homes on the market at the moment sits around 13,792. That broken down comes to 8,712 homes, 2,957 units and 2,123 blocks of land. As predicted there has been a drop in the median price over the last quarter at $550,000 down to $530,000. Turnover is down about 38% at the moment from last year where there was in the same month 692 sales last year and this year we’ve got 458 sales.
As we predicted last month the rental vacancy rate has continued to climb and it’s gone from 6.3% to 7% with 8,512 homes now sitting vacant. The rental median price is now $420 a week, that’s a drop over the last 12 months of about $55 per week. So investors will be feeling the pinch a little bit and as we always say, if you invest for the long time you should be okay in this market. Now that brings us to the average days on market across the metropolitan area, that’s sitting at about 71, which is pretty high when you consider our days on market here at Naked sitting at around 42 – 45 days.
I hope you found the latest market update for August useful. Please don’t forget to like/share/comment below so that we all can make a better informed decision about our real estate needs now and into the future. People are saying it’s a buyer’s market and here at Naked we agree. So go out and buy a house this week with confidence knowing that you’ve probably picked at the bottom in the market. Remember Naked stands for not covering anything up, so feel free to give us a call or comment in the section below.