17 Mar 2019
Perth Suburb Updates March 2019; APRA Lending, Vacancy Rate and Iron Ore Prices...

Perth Suburb Updates March 2019; APRA Lending, Vacancy Rate and Iron Ore Prices...

Perth Suburb Updates March 2019; APRA Lending, Vacancy Rate and Iron Ore Prices...
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Guid,Tips,Selling,Auction real estate agents

Want to see recent home sales in your suburb?

Find your suburb below and download your FREE market update pdf. for March, 2019…

  1. Bedfordale
  2. Canning Vale
  3. Darling Downs
  4. Oakford
  5. Kelmscott Hills
  6. Kelmscott
  7. Mount Nasura
  8. Mount Richon
  9. Roleystone
  10. Seville Grove
  11. Southern River

You can also watch our market update videos for each suburb on our YouTube channel! Simply choose your suburb from the links below…

  1. Bedfordale
  2. Darling Downs
  3. Oakford
  4. Kelmscott Hills
  5. Kelmscott
  6. Mount Nasura
  7. Mount Richon
  8. Roleystone
  9. Seville Grove
  10. Perth

Did you know the sale prices of homes in your area can influence the value of your property?

Get the latest real estate data from the past six months, and find out how much your home could sell for!

We cover:

  • the number of homes sold in your suburb over the past six months.
  • their addresses, sale price, sale date, bedrooms, bathrooms, car spaces and land size.
  • the highest and lowest sales in Seville Grove.
  • the current number of listings for sale.
  • the latest real estate advice from our CEO Brendan Leahy…

“Interesting times in real estate, but the future is looking good…”


Hear from our CEO Brendan Leahy about where he thinks the Perth real estate market is headed in 2019…

“As I mentioned earlier this year, the first six months of 2019 in the real estate landscape will be up and down and/or a bit slower than the end of last year due to the Banking Royal Commission, and the Federal Election likely to happen in May.

This is now ringing true, but thankfully the first one is out of the way and in real terms if we get away from the media for a few minutes, not much is going to change. We are already seeing the effects from the restrictions on lending from APRA and tighter regulation enforcements from ASIC.

These were put in place over 12 months ago and have had the desired effect of reducing the loan to value ratios. To put this in context, investors were previously able to borrow 105% to cover stamp duty and bank fees so that they could claim these costs against their taxable income…

As a result, investor loans were sitting at around 37% of a bank’s loan book, but that’s now been reduced down to about 26%. APRA’s target was 30%.

There has also been a lot of tightening on what buyers can borrow, and one of my recent buyers is a great example of this. He was given pre-approval for up to $800,000 at the beginning of last year, and has taken a year to find a house. The most he could manage to offer on a home three weeks ago was $638,000 and he’s still in the same job and on the same money – in fact, he’s on a little bit more. This is how things have changed in the financial world.

So why am I so confident about the market going forward?

Firstly, rents are on the way up for the first time in 7 years.  We have a zero vacancy rate, with people on waiting lists for any new properties that we have coming up. This will then start to drive First Home Buyers back into the market as it will become cheaper to pay your own loan than it is to pay someone else’s mortgage.

As the rent rises it will also bring investors into the market from over East where things have started to cool off a lot. These two groups will compete with each other and start to drive the all important bottom end of the market. As a rule, when people sell to trade up they spend about $200,000 more than what their old home sold for. So a $300,000 seller will trade up to a $500,000 home, and so on, and up the chain it goes. 

Going forward, finance will become easier to obtain across the board. On top of all of this is the main driver in the WA economy - the iron ore price has just reached $100 per tonne for high grade, and we all know what happened last time the prices reached these levels!”

 

Ready to find out how much your home is worth?

Book your obligation-free appraisal with Brendan here. He’d be happy to have a chat and answer any questions you have.

 

Written by Naked Writers

Perth Suburb Updates March 2019; APRA Lending, Vacancy Rate and Iron Ore Prices...
Naked Writers

Naked Real Estate Writers collaborating to bring the latest news and trends in real estate for buying, selling and working in the exciting world of real estate. Is it time for you to get Naked?

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