Hi, I’m Brendan Leahy from Naked Real Estate and welcome to another Perth metropolitan area market update. Today, the Reserve Bank has announced again that interest rates will remain on hold. Going forward I can say that this will probably be the case right through until the end of the year.
The changes to investor lending instigated by APRA, will result in the RBA taking a step back from any immediate rate adjustments. The RBAs actions have already caused the big four banks and Macquarie to raise interest rates on investor loans. So APRA has done the job for them, so to speak. They will be adopting a wait-and-see attitude in my view in the short to medium term. So go buy with confidence as interest rates are going to stay where they are now for a while I’d say.
The Perth sales figures for the past month totals 675. The number of houses sold was 513, units-102 and land- 60 blocks. This time last year for the same month there was 716 sales. Total number of listings for the metropolitan area at the moment, sits at around 14,171. Broken down, that’s 8,729 houses, 3,098 units and 2,344 block of land. The corresponding time last year, there was just 10,502 homes on the market, we’ve got an increase of just over 4,000 properties at the moment. The average selling days at the moment for the Perth metro area is 72. That being said, here at Naked Real Estate we’re still sitting around 42 to 45 days on market,
Now for the rental market. The total number of properties has steadied and actually dropped last month a little bit, down to 8,179. This time last year though it was only 5,974 properties for rent. Last quarter, the median house rent was $430 and the median unit rent was $400 a week. We (Perth Metro) currently have a vacancy rate of 5.2%.
I hope you found this month’s market update helpful. Don’t forget to like, comment and share so everyone can make a better informed decision about their real estate needs, now and into the future. Remember,Naked is about covering nothing up, so if you have any questions, feel free to give a call or leave reply below. See you now, have a wonderful day.