02 September 2019
The number of properties
available for sale and rent have dropped to the lowest levels since late 2014,
with only 13,831 properties listed for sale and 6,599 properties listed for
rent on reiwa.com in August.
REIWA President Damian Collins
said Perth’s residential sales market has slightly softened in August across
all aspects, however the rate of price decline appears to be slowing.
“CoreLogic’s latest
home value index shows dwelling values in Perth declined for another month to
0.5 per cent in August, yet the rate of decline is slowing,
which is a positive indication that prices in Perth may be approaching the
bottom.
While listings for sale reduced by eight per cent
since July, there were a number of suburbs that showed a significant reduction
in listings (percentage wise) for August demonstrating their popularity.
“Topping the list was Churchlands with the largest reduction, which was
closely followed by Sinagra, Waterford, Shenton Park and
Greenwood,” Mr Collins said.
reiwa.com data shows the number
of sales reduced by seven per cent during the month and the overall median sale price has lowered
to $486,000.
“The further slowdown in the
market may suggest we are not yet seeing the full effects of the recent changes
made by APRA, the Reserve Bank of Australia’s rate cuts or Keystart initiative.
Hopefully in time we will see an increase in the number of buyers, otherwise there
will be a need for further action by the State Government in relation to land
taxes and stamp duty,” Mr Collins said.
Perth rental market
The
Perth rental market has seen a three per cent reduction of listing stock and a
five per cent reduction in leasing activity for August.
“In
addition to the decline we’ve seen during the month, listing stock are now 17
per cent lower than they were a year ago,” Mr Collins said.
reiwa.com
data reveals the top suburbs that have seen a significant decrease in rental
listings include Alkimos with the largest reduction, followed by Connolly,
Willagee, Shoalwater and Greenwood.
“While
we have seen Perth’s rental market gaining momentum over recent months, we are
now starting to see it stabilise with the overall median rent price remaining
at $350 per week.
“Typically, as we move into
these warmer spring months, the property market should see an overall uplift in
activity – something we are keen to keep an eye on in the coming months,” Mr
Collins said.
View our Perth Market Snapshot graph for a detailed breakdown of the past week.