With the Real Estate Institute of Western Australia’s (REIWA) recent snapshot of the local real estate market for the month ending September 2017, there are some solid indicators that it’s a good time to buy property in Perth. *Combine this with the most recent Worldwide Cost of Living Report 2017, which places Perth as the least expensive capital city in Australia in which to live, and you have some exciting signs which all point to Perth becoming one of the most affordable cities in the country.**
What Are these Positive Market Indicators?
- The Perth metro sales market has held relatively steady for the third straight month in a row, with median house prices adjusting only slightly downwards by 1% to $510,000 for September 2017, as compared to the relative high median price of $550,000 recorded in Sept 2014.
- In the Rental market, the Perth metro median rent price has also held up at $350 per week, which is good news for Landlords and Investors.
- Linked with these figures, there has been a continued reduction in the stock levels of both listings for sales and rental properties. This is demonstrated by sales listings reducing by 1% in September for the 5th month in a row, with listings down 8% compared to September 2016. In the rental sector, properties for rent declined by 3% over the month, with a reduction of 9% from the same time last year.
- And in the Worldwide Cost of Living Report 2017, Perth was positioned as 49th on the list of around 130 countries ranked from 1 to 133 for being the most expensive to least expensive cities in the world to live. This placed Perth well behind the other Australian cities with Adelaide at 35th, Brisbane 31st, Melbourne 15th and Sydney ranked 14th.
And I think that REIWA’s President, Hayden Groves, sums up the more positive mood in the market with his statement, “It’s very encouraging to see stock levels across the market continue to reduce, especially when we compare levels for both sectors on an annual basis. If this trend continues, we should see a better balance between supply and demand of stock start to emerge.”*
Which is great news for all of you looking to get into a new home of your own, whether you are a First Home Buyer, Down-Sizer, Up-Sizer or a recent arrival to the city. In the case of Investors and Developers, housing and land is more affordable and with the added bonus of new R Code and Residential Zoning changes in some Perth suburbs, perhaps now is the time to enter the market to capitalise upon these opportunities?
So, if you are thinking about entering the market or purchasing your next property, feel free to contact us at Mortgage Perth on 08 6279 1459 and speak with one of our fully qualified Mortgage Coaches. Your next home or property purchase could be closer than you think.
Until next time Champions, here’s to finding opportunities within the market.