Following the results of the Adelaide Bank/REIA Housing Affordability Report, the Real Estate Institute of Western Australia’s president Damian Collins said Western Australia was found to be the most affordable state, with the only exceptions being the two territories (the Northern Territory and the ACT).
“While it appears we’ve reached the bottom of the market and improvements are expected in 2019, buyers and tenants remain the beneficiary of the current market, enjoying improved affordability, record low interest rates and a good supply of housing stock to choose from,” Mr Collins said.
The proportion of income to meet loan repayments in Western Australia saw a decrease of 1.2 per cent over the quarter with the average loan size shrinking by 4.6 per cent to $339,943.
In comparison, the prop...
Strong rental market to lead the way in Perth next year, says industry body
The Real Estate Institute of Western Australia (REIWA) is confident the Perth rental market will lead the housing market next year, but warns any changes to negative gearing has the potential to impact buyers.
The industry body predicts stability for the property market in 2019, with notable improvements expected for the rental market.
REIWA President Damian Collins says market conditions throughout 2018 have been fairly subdued, with the most significant improvements occurring in the rental sector.
“We’ve seen weekly sales in Perth hover at around 500 per week throughout the year, while listings for sale were largely unchanged from 2017 levels, fluctuating between 13,000 and 16,000. Listings should continue to trend at current levels throughout 2019.
“While we expect sales activity in 2019 to largely reflect what we’ve seen ...
Perth Market Snapshot for the week ending 11 November
12 November 2018
Sales activity decreased eight per cent in Perth this week, with REIWA members reporting 491 transactions.
This decrease can be attributed to house and unit sales falling by 10 per cent and 18 per cent respectively. However, there was a 37 per cent increase in vacant land sales over the week.
Listings for sale
There were 15,409 properties for sale in Perth at the end of this week, which is three per cent more than last week.
A closer look at listing stock levels shows house listings increased by three per cent, listings for units increased by four per cent and listings for vacant land increased by one per cent.
This week's total ...
THE worst is over for the Perth property market according to local experts.
From established homes to new builds, apartments and rentals, they shared their predictions for 2018, with one saying this year was shaping up to be one of the most positive in recent times.