• Property market still open for business


    Author: REIWA President Damian Collins

    Property Market Still Open For Business | REIWA

    March data showed the Perth property market was continuing in the right direction, with the fifth month in a row of CoreLogic’s Hedonic Home Value Index rising, the median days to sell lowering to only 60 days, and listings on reiwa.com decreasing one per cent.   

    However at the end of the month we started to see sales activity drop off, with overall transactions for March down by 28 per cent. This is something that is likely to continue to be affected as we head further into the coronavirus pandemic, without some state government stamp duty relief.  

    Looking to buy or sell

    Housing is an essential part of our community and due to a range of different situations, many people will still be required to buy, sell or find a new rental property to live in during this time. Throughout the crisis, real estate agents will still be able to assist you.  

    Both home opens of up to 10 people and private inspections are available for over 12,000 properties for sale in Perth on reiwa.com. We recommend you review the property in detail on reiwa.com and either register to view the property or then contact the agent to book a private inspection.

    To help boost activity in the sales market, we are urging the State Government to consider introducing a 75 per cent stamp duty reduction for six months on all properties, to encourage transactions to help those who need to sell and keep small businesses alive. 

    A short-term stamp duty concession or rebate will make buying property much more attractive, safeguarding thousands of jobs including, mortgage brokers, removalists, settlement agents and tradespeople. 

    Looking to rent

    If you are looking for a new rental, there are currently over 5,000 listings for rent on reiwa.com, with property managers able to provide a range of different ways in which you can inspect the property, including private inspections, whilst still adhering to the recent government restrictions. 

    For those who are currently struggling to pay rent, due to losing their jobs because of the outbreak, the State and Federal Government has introduced a moratorium on rental evictions for the next six months.  

    However, the Prime Minister was clear when he said that tenants must continue to pay rent where their businesses or jobs have not been significantly affected. The moratorium does not apply unless you have been significantly affected. 

    In addition, we also encourage the government to consider rental assistance, to help ensure more tenants can continue to afford their rent, as it cannot be left up to the landlords to bankroll the non-payment of rent on their own. 

    More information

    Are you renting? Read more about what the moratorium means for tenants.

    Keep up to date with the latest real estate coronavirus news by visiting our advocacy page.