Reiwa has just released the latest market statistics and it’s positive news for both Perth overall, and the local south eastern suburbs!
Key takeaways include:
- 0.2% annual fall in properties listed for sale
- 0.8% annual growth of properties sold
- Stable numbers, as opposed to dramatic growth; experts are confident that the market is in recovery mode
- Great news for sellers >>> stable weekly rent prices recorded between 2017/18
- Great news for sellers >>> the lowest vacancy rate for Perth in FOUR years
Take a look below for the full list of figures…
The top selling local suburbs for Perth’s south east region over the last four weeks, ending November 5th:
- South Perth
- East Victoria Park
Of 191 total sales for houses, units, and land, 22 of these sales were in South Perth, 19 were in Como, 15 were each in East Victoria Park and Rivervale, and 12 were in Forrestfield.
The top performance of each of these suburbs could be attributed to population growth (Reiwa, 2018), and their ease of access to Perth City (via Mitchell Freeway, Tonkin Highway, and/or Roe Highway).
Each of these suburbs are also well positioned to benefit from new infrastructure improvements in Perth; namely Elizabeth Quay and Optus stadium, as well as the new Forrestfield Airport Link, DFO Perth, and the first Costco in WA.
LISTINGS: Properties For Sale
Total local listings currently make up 8.6% of total Perth listings for sale, as compared with 8.8% both four-weeks ago, and twelve-months ago; reflecting a 0.2% annual fall.
SALES: Properties Sold
Total local unit sales currently make up a hefty 19% of total Perth unit sales, whilst only comprising 14.4% of the total Perth unit listings figure.
Total local sales currently make up 9.8% of total Perth listings sold, as compared with 9% twelve months ago; reflecting an 0.8% annual growth.
The number of Perth houses for sale has increased by 3.8% in the last four weeks, and 1.6% in the last 12 months.
What does this mean for the overall Perth market?
We are seeing stable numbers, as opposed to dramatic growth, and experts are confident that the market is in recovery mode. In saying this, a rise in sale price is predicted for suburbs that are in high demand, and have a limited housing supply.
Examples include: Floreat, Shenton Park, Dalkeith, Subiaco, Nedlands, and Swanbourne.
*data sourced from realestate.com.au
What’s the benefit for buyers?
You can feel confident in buying as the market recovery has well and truly started. Be mindful that we are seeing it get very difficult for a large part of the market to get financing for homes or to trade up to a bigger home.
So if you are looking to buy, make sure you’ve done your homework on where you sit financially, first. This will save you a lot of heartache when you find your dream home! If you’re unsure, take a look at our borrowing, stamp duty, and mortgage repayment calculators.
What’s the benefit for sellers?
Great news for sellers – the biggest indicator of the Perth market recovery lies in stable rent figures recorded over the last 12 months, and the current vacancy rate, which is at its lowest level in over four years (Reiwa, 2018)... To read the REIWA rent statistics for November, head to our rentals blog here!
Thinking about selling your home or investment property? We’d love to help. We can offer financial guidance, market knowledge, and quality service. If you like the way we do business, give us a call on 6254 6333 to chat about your property needs, or send us an email at email@example.com.