Home > News
WA needs to create long-term economic activity and jobs by removing stamp duty, according to REIWA president Damian Collins.
A draft report by the independent New South Wales review of Federal Financial Relations to scale back on inefficient tax, which includes stamp duty, has REIWA calling for the same in Western Australia.
REIWA President Damian Collins said the Institute supports the draft report and calls for the same discussions to commence in WA.
At a Glance:
“Described in the report as an ‘unfair and damaging tax’, stamp duty is the wrong tax for rebuilding the State Governments’ capability to deliver f...
Eliza Owen from Core Logic 23/03/2020 latest property report.
The Reserve Bank has announced a 25 basis point reduction in the cash rate, to a new historic low of 0.25% and made it clear the cash rate will remain at this level until labour markets are moving towards full employment and inflation is tracking to be within the target range of 2-3%.
Under normal circumstances, such an extraordinary move from the Reserve Bank might be greeted with renewed optimism towards housing market activity.
Research from the Reserve Bank points to an inverse relationship with changes to the cash rate and property prices; when interest rates fall, housing prices typically rise. This was a significant factor in the rapid value upswing in residential property ...
Perth’s median rent increased to $360 per week in March and is the first increase the Western Australian property market has seen since January 2017.
REIWA President Damian Collins said median rents had remained stable for the longest period since reiwa.com first started capturing rental data in 2001.
“While the overall increase in median rent was up by $10 per week in March, this is a significant step in the WA property market and one we have been waiting a long time for.
“This increase can be attributed to Perth’s vacancy rate dropping to 2.2 per cent, which is the lowest it has been since March 2013, coupled with listings for rent on reiwa.com being down compared to January.”
The top suburbs by median rent price growth for March include Stirling, Shenton Park, Ocean Reef, Thornlie and Bertram.
The first home loan deposit scheme (FHLDS) commenced 1st of January 2020. It is a leg-up over the deposit hurdle for first home buyers (FHB) struggling to accumulate a sizeable deposit, providing eligible Australians the opportunity to buy their first home with a deposit of at least 5% of the home’s value.
With the government guaranteeing up to 15% of the loan value, borrowers could secure a mortgage relatively quickly with a low deposit, and without paying lenders mortgage insurance (LMI).
The consensus is that helping FHBs overcome a large deposit hurdle does not address affordability, because it ignores the root causes that make that hurdle so high in the first place.
Importantly, the FHLDS is n...
We are all looking forward to the new year with the positive news of market growth.
In a significant turn of events for the Perth market, values edged 0.4% higher in November; the first month-on-month rise in dwelling values since the downtrend took a pause in early 2018. Dwelling values have been trending lower since mid-2014, down a cumulative 21.3% through to the end of November. Over the past thirteen years, Perth has seen house values move from being the most expensive across the capital cities to now be the lowest; great news for first home buyers, however Perth home owners have seen a material reduction in their wealth over the past five and a half years.
The November results have seen Core Logic’s national index nudge back into positive annual growth territory for the first time since April 2018, with dwelling values 0.1% higher over the past twelve months. Four of Aust...
CoreLogic Property Market Indicator Summary All data to week ending 1 December 2019
Over 3,000 homes taken to auction across the combined capital cities; the busiest week of the year There were over 3,000 capital city homes taken to auction this week, making it the busiest week for auctions we’ve seen this year; in fact the largest number since March last year. Of the 3,058 homes auctioned, according to preliminary figures, 78.9% returned a successful result, coming in higher than last week’s final clearance rate of 68.5% across a lower 2,612 auctions and significantly higher than final results from one year ago (41.3%, 2,749 auctions). As usual, we expect to see some downward revision by final collection. Results across the individual property types saw houses outperform units with a success rate of 79.9%, while 76.6% of units sold at auction. Melbourne was host to 1,497 auctions this week with preliminary results showing a clearance rate of 78.3%...
What’s in-store for you in 2020! by Michele Castle of Complete Feng Shui
Its nearly time to welcome the Year of 2020 Golden Metal Rat … Chinese New Year arrives on January 25, 2020.
Sentimental and Strong, with fixed ideas, this rat can be stubborn, although it is helpful and hardworking. An ambitious rat with ability to see things through, it will be successful in all it undertakes.
A year of independence, resourcefulness, intelligence, charm and analytical actions and thinking …
25 January marks the beginning of a 12-year cycle that leads us into a NEW DECADE, and it comes at a time when the energies are moving fast. There are many promising pockets of good fortune to be tapped in this Golden metal Rat Year, but also hidden potholes you must sidestep to avoid misfortune. expect to see challenges faced by the majority. On the other hand, turbulent times, sees empires rise and new kings established. Statistics show in turbulent ...
House prices continue to fall
Perth house prices recorded the biggest decrease amongst state capitals for June, continuing the long-term slump, according to CoreLogic  data released on the same day the state government's Keystart stimulus began.
According to the latest data revealed today, the median house price in Perth fell by 0.7 per cent to around $440,000 for June, with only Darwin and Canberra recording bigger decreases in the country.
Apart from Darwin, Perth has also experienced the largest fall for the quarter ending June, with median house prices contracting by 2.1 per cent over the past three months.
For the year to date, median house prices in the Western Australian capital have decreased by 9.1 per cent.
26 April 2019 Tim Neary
The Australian property market has been consistently disrupted by false and misleading predictions, which, coupled with a widespread tightening of credit policy, has created the real issue impacting our industry, according to C21 chairman Charles Tarbey.
Mr Tarbey said that timid lenders and false prophets are more of a market impediment than the looming election or Bill Shorten’s folded-arm stance on negative gearing.
“A fallout from the banking royal commission saw banks apply stricter lending requirements that made it difficult for consumers to obtain finance, particularly for investors,” he said.
“Whilst I have the greatest of respect for our banks, their actions mean that equity is no longer king.”
He added that the criteria for consumers to obtain a loan approval has become very stringent.
“This is causing most of today’s problem...
Perth Market Snapshot for the week ending 24 March
25 March 2019
Sales activity decreased 12 per cent in Perth this week, with REIWA members reporting 505 transactions.
This decrease can be attributed to a 15 per cent fall in house sales, a four per cent rise in unit sales, and a 14 per cent fall in vacant land sales over the week.
Perth’s top selling suburbs this week were Scarborough, Dianella, Duncraig and Thornlie.
Listings for sale
There were 17,251 properties for sale in Perth at the end of this week, which is one per cent more than last week.
A closer look at listing stock levels shows house and unit listings both increased by one per cent while vacant land listings decreased by one per cent.
‘Irresponsible’ property reports blasted, investors cautioned
by Sasha Karen | February 27, 2019 |
The head of a real estate network has claimed investors should not be listening to “irresponsible” media reports about the property market; instead, they should be doing their own research.
Barry Plant, director of Plant Barry Group, said if people listened to some of the mainstream reporting around the current market softening, they would be forgiven for thinking that they were heading for Armageddon.
“Headlines such as ‘Property market falls off a cliff’ are just irresponsible. Yes, if you do read the whole article there may be some...
The three legged wealth or money toad also known as Chan Chu is one of the most powerful and popular Feng Shui symbols to enhance your wealth luck.
How to choose the correct one?
When you are choosing a three legged toad, It has to be the three-legged (some shops sell toad or frog with 4 legs) and also choose the one that has a coin in its mouth.
Where do I place the three legged frog to maximize the effect?
Year of the Pig 2019: a Year of Fortune and Good Luck!
The Pig occupies the last (12th) position in the Chinese Zodiac. You are a “Pig Chinese Zodiac native” if you are born in one of these years: 1935, 1947, 1959, 1971, 1983, 1995, 2007, 2019 .
According to the Chinese astrology , 2019 is a great year to make money, and a good year to invest! 2019 is going to be full of joy, a year of friendship and love for all the zodiac signs; an auspicious year because the Pig attracts success in all the spheres of life.
A Sneak Peek Of What Year 2019 Will Be Like For You
Dwelling values shrunk by 4.8 per cent in 2018 when compared to the previous calendar year, marking the weakest housing market conditions since the global financial crisis, according to Core Logic.
The December quarter saw the largest quarterly decline of 2.3 per cent since the same corresponding period in 2008, with Sydney the weakest performing city (-3.9 per cent) and Hobart the strongest performing city (+2.0 per cent) in the last quarter.
The property data and analytics company said the “accelerated” “downturn” was driven primarily by consistently larger quarter-on-quarter declines in Sydney and Melbourne, but also sluggish conditions in other capital cities and most regional areas.
Core Logic head of research Tim Lawless said: “Although Australia’s two largest cities are the primary drivers for the weaker national reading, most regions around the country have reacted to tighter credit conditions by recording weaker...
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.