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Inflation tumbles to a 3.5-year low; Reserve Bank likely to hold firm on interest rates.
Inflation has sunk to a three-and-a-half year low of 2.8%, though experts warn mortgage holders anticipating imminent interest rate cuts will likely be left hanging by the Reserve Bank. Australian Bureau of Statistics’ (ABS) September data showed inflation was officially back within the Reserve Bank of Australia’s (RBA) 2-3% target range, after a small rise of 0.2% in the quarter. ABS head of prices statistics Michelle Marquardt confirmed the lowest annual inflation rate since t...
Housing affordability declines as property prices continue to rise
Housing affordability in Western Australia declined over the June 2024 quarter. The latest REIA Housing Affordability Report showed the proportion of family income required to meet loan repayments in Western Australia increased 1.7 percentage points over the quarter to 39.5 per cent. This was an increase of 4.8 percent year-on-year, based on a median weekly family income of $2,630 and an average monthly loan repayment of $4,504. REIWA CEO Cath Hart said strong price growth over the past ye...
A nation divided: Why prices are surging in half the capitals while the others are lagging
Property price growth has diverged across Australia, with values still rising rapidly across much of the country but slowing down overall. Property prices rose again over July, taking the median national home value to a new record high, according to the latest PropTrack Home Price Index. But the marginal 0.08% increase in values over the month meant price growth has slowed significantly compared to previous months as housing affordability worsens. PropTrack senior economist Paul Ryan said ...
Perth rents unchanged for fourth month
The long-term tightness in the Perth rental market has been slowly moderating, with median rents unchanged since March. According to REIWA’s latest data, the median weekly dwelling and house rents held steady at $650 in June, while the median weekly unit rent was also stable at $600. REIWA CEO Cath Hart said there were clear signs the rental market was slowly changing. “Rents have been stable for a number of months, properties are taking longer to lease and th...
2024-25 State Budget offers welcome support for first home buyers
REIWA CEO Cath Hart welcomed measures to support housing supply announced in the Cook Government’s first budget today, especially increased thresholds for the First Home Owner Transfer Duty Concession. “While there is no silver bullet to addressing the challenges WA’s housing market faces, we welcome the fact the Government has opted for incentives to boost housing supply, rather than punitive measures such as new taxes as we’ve seen in other states,” Ms Hart sa...
WA Rent Reforms - balancing the rights of tenants and landlords
To balance the rights of tenants and landlords and protect consumer interests, the Western Australian government passed the Residential Tenancies Amendment Act 2024 on April 16, 2024. This act will be implemented in stages from May 2024 to mid-2025 to reform rental regulations. Key provisions of this reform include: Rent bidding ban: Landlords or agents must advertise the property with a specified amount, such as $425 per week, rather than a range like $400 to $500 per ...
Property prices shooting up again as Perth Soars!
The pace of national property price rises has taken off again, with the three red hot capitals - Perth, Adelaide, Brisbane - leading the charge and only one state capital regressing. Perth’s property market is going gangbusters, Melbourne has emerged from a three month slump, and Hobart stands alone as the country’s only capital going backwards. These were among the revelations in the latest data releases from the major property market analysts. Nationally, property prices in t...
Housing upswing carries into 2024 with national dwelling values rising 0.4%
Australia’s housing upswing continued through the first month of 2024 with CoreLogic’s national Home Value Index (HVI) rising 0.4% in January. Up from the 0.3% increases seen in November and December, this marks the 12th straight month of value rises. Beneath the headline result, housing market performance remains diverse around the country. Three capitals recorded a subtle decline over the month (Melbourne -0.1%, Hobart -0.7% and Canberra -0.2%), while, Perth, Adelaide and Brisb...
The only way was up for WA property prices in the September quarter
Median house and rent prices rose in Perth during the September 2023 quarter, according to the latest REIA Real Estate Market Facts. The median sale price for three-bedroom houses rose 2.6 per cent over the quarter to $595,000, while the median sale price for two-bedroom other dwellings rose 1.8 per cent. Over the year to September, three-bedroom houses recorded an increase of 11.0 per cent while two-bedroom other dwellings rose 1.3 per cent. REIWA CEO Cath Hart said despite the increase i...
Perth property prices continue to break records
Perth’s median house price reached a new high of $585,000 in November as houses continued to change hands in record time. “Demand shows no signs of slowing,” REIWA CEO Cath Hart said. “This is maintaining upward pressure on house prices, which have risen 8.2 per cent in the last 12 months. “The underlying trends show more increases are on the horizon.” After months of stability, unit prices also rose to $405,000, up on the $400,000 published at the e...
Perth’s vacancy rate remains stable
Perth’s vacancy rate held steady at 0.7 per cent in October, according to REIWA data. “The Perth rental market remains extremely tight,” REIWA CEO Cath Hart said. “The vacancy rate has been below 1 per cent since August 2022, and shows no sign of changing in the short term. “The imbalance between supply and demand is the greatest factor affecting the rental market at the moment. While the decline in number of rental properties appears to have stabilised,...
Perth weekly market snapshot for the week ending 26 Nov 2023
Sales transactions in Perth last week were 13.6 per cent higher than the previous week, with REIWA members reporting 1,068 transactions. A closer look shows house sales were up 8.8 per cent on the week prior, unit sales were up 17.6 per cent and vacant land sales were up 44.7 per cent. Top performing suburbs – sales Baldivis – 20 Scarborough – 20 Mandurah – 18 Armadale – 16 Canning Vale - 15 Perth’s highest sale price: Dalkeith – $3,8...
Residential Tenancy reforms introduced to Parliament
On 29th November, the West Australian Government has introduced legislation into Parliament which proposes a series of residential tenancy law reforms that will directly affect landlords, property managers and real estate agents. Tenants will be allowed to keep pets with the landlord only able to refuse in certain circumstances (for example where having a pet is prohibited by a strata by-law) or with the approval of the Commissioner for Consumer Protection. The scope of the pet bond will b...
East or West? Australia's best place to invest
According to ABS lending indicators, at a state level NSW is receiving the bulk of the interest, with investors accounting for 38% of the value of new mortgage lending across the state. At the other end of the scale, only 24.5% of mortgage commitments were for investment purposes across Tasmania and 28% in Western Australia. What really strikes me is that Western Australia, or Perth as the capital city, has one of the lowest portions of investment activity but the highest gross rental yield...
Perth smashes house price records, crosses $700k median for first time
Perth’s housing market is leading the nation to record a double-digit increase over the year and set a new record median of $713,811. Domain’s House Price Report for the September quarter shows Perth house prices lifted 3 per cent over the quarter, an annual change of 10.4 per cent. Adelaide and Perth recorded the highest price gains over the quarter and were the only capital cities where house prices were at an all-time high. Domain chief of research and economics Nicola Powel...
Perth weekly market snapshot for the week ending 22 Oct 2023
Sales transactions in Perth last week were 1.4 per cent higher than the previous week, with Reiwa members reporting 987 transactions. A closer look shows house sales were up by 3.1 per cent on the week prior while unit sales were similar to the previous week and vacant land sales were down 11.1 per cent. There were 5,012 properties for sale in Perth at the end of last week, which is similar to the previous week. This can be attributed to listings for houses remaining relatively stable w...
House prices and rents to grow further in 2023
WA’s house prices will achieve moderate price growth over 2023, with the median potentially reaching $580,000 by the end of the year, according to Reiwa’s 2023 property market quarterly update. Rents are also expected to rise further. “After 0.9 per cent growth in the first quarter of the year, the median house price rose nearly 2 per cent in the June and September quarters to reach $570,000, showing total growth of 4.6 per cent since the end of 2022,” Reiwa CEO Cath...
Apartments under construction to get stamp duty discounts as State Government pushes for faster builds
Recently (October 10), there's good news from the Western Australia real estate market. The Western Australia government announced that from today until the next two years, buyers of apartments or multi-level residential units under development, including foreigners, will enjoy a stamp duty concession of up to 75%. When the value of new apartment is $650,000 or less, duty concession amount is 75 % of the duty paid or payable, capped at $50,000. When the value of ne...
Reserve Bank keeps cash rate on hold at 4.1% for fourth straight month
The Reserve Bank has left the cash rate on hold at 4.1 per cent for the fourth month in a row but has not ruled out future increases to return inflation to target. It is the fifth time the RBA has paused its current rate hiking cycle since May 2022, when it began lifting rates to reduce high inflation, and leaves the cash rate at its highest level since April 2012. The RBA's decision to leave rates unchanged was in line with what financial markets and economists had expe...
The Perth suburbs have been tipped as the destination of choice for people leaving the eastern States
Property advisory head of research Sam Powell said population data released by the Australian Bureau of Statistics this month showed people were fleeing to Queensland and WA from NSW and Victoria in their “tens of thousands”. “The ABS’ latest Net Interstate Migration analysis reveals that for the 12 months to the end of March 2023, a total of 35,857 people left NSW and Victoria, while the combined populations for Queensland and WA grew by 42,191 due to interstate popu...
Property market conditions to remain tight as WA population grows further
REIWA CEO Cath Hart said demand for established homes will remain strong following the release of the latest population data. According to the ABS, WA’s population grew 2.8 per cent to 2.855 million in the year to March 2023, the fastest growth rate of any state and territory. The March quarter 2023 alone saw an increase in WA's population of 26,005, which is a 0.9 per cent increase and the biggest quarterly change in number in ABS records back to 1981. The news comes as Perth&rsquo...
How to Style Your Home for Sale Like a Pro
So, you’ve decided to sell your home? We hope congratulations are in order. Typically, property styling significantly increases your chances of reaping the highest-possible sale price and, with a little planning, you can style your place yourself like a professional. To get your property picture-perfect, read and save our room-by-room styling guide and go over it before each open-home inspection. A Room-by-Room Guide to Styling Your Home for SaleHow do I style my living areaAlloca...
Perth weekly market snapshot for the week ending 20 August 2023
Sales transactions in Perth last week increased 6.4 per cent compared with the week prior, with REIWA members reporting 863 transactions. A closer look shows house sales increased 5.7 per cent, unit sales increased 9 per cent and vacant land sales increased 5.1 per cent. There were 5,205 properties for sale in Perth at the end of last week, which is 1.3 per cent lower than the previous week. This can be attributed to listings for houses decreasing 1.1 per cent, unit listi...
Duty amendments set to boost Western Australia's housing supply
Cook Government introduces Duties Amendment Bill to Parliament Bill aimed at boosting housing supply across Western Australia Transfer duty rebate for off-the-plan purchases extended & converted to a concession Expanded criteria for refunds of foreign buyers duty to support residential developments The Cook Government has today introduced amending legislation to Parliament to boost housing supply and encourage more buyers to purchase off-the-plan properties to encourag...
5 reasons why now could be the time to build your first home
If you’re keen to stop renting and start owning, even in a tricky market, the leap is possible. Daunting as it may seem, getting out of the rent cycle and building your first home could be possible in today’s market. There are challenges, of course – saving a deposit, securing finance, and finding the perfect house and land – but there are experts who can make the journey easier. Here are five reasons why now could be the time to make the move. 1. Brea...
7 questions to ask before buying house and land
Building a new home is exciting, but it's a big job requiring important decisions to be made. That's why doing some research before starting the process can go a long way. Here are some essential things to ask yourself before embarking on the journey. 1. Should you buy a house and land package? When it comes to new homes, there are two standard pathways. The first is purchasing a vacant block of land and then finding a builder at a later date. This allows more time to save money before ...
Perth weekly market snapshot for the week ending 2 July 2023
Sales transactions increased in Perth last week, with REIWA members reporting 891 transactions. A closer look shows house sales remained stable while unit sales decreased by 2 per cent and vacant land sales increased by 98.4 per cent. There were 5,328 properties for sale in Perth at the end of last week, which is 2.4 per cent lower than the previous week. This can be attributed to listings for houses remaining stable, while listings for units declined 3 per cent and ...
Don’t become a victim: avoid rental scams with these tips
Scammers are continuing to target tenants desperately seeking a rental property in today’s tight market. They are luring tenants in by advertising properties for rent on platforms like Gumtree and Facebook Marketplace or responding to tenants’ own pleas on these sites to find a home. They usually claim to have a property available, send pictures and ask the tenant to pay a deposit, bond, or rent in advance to secure the lease. According to Consumer Prot...
When property prices could peak again if pace of growth continues
New analysis of the Australian property market has revealed national home prices could return to positive annual growth as early as next month, if the current growth trajectory continues. PropTrack’s latest Market Insight shows that if national home prices continue to grow at the same pace as they have during the past quarter, they could not only return to positive annual growth by July but could surpass their prior peak by January 2024. “That could see home prices lift by ...
Is there a shortage of homes for sale?
With active listings in Perth dropping below 5,500 this week, there are concerns we’re facing a shortage of homes for sale. But is it a major shortage of properties coming to market, or is it the high demand and speed at which buyers are snapping them up that’s driven active listings to the lowest levels since mid-2010? Demand is keeping active listings low Active listings are defined as those properties listed for sale at any one time on reiwa.com. Wh...
Is winter the hot time to sell this year?
Over the first five months of 2023, national property prices increased by 1.5%. Aside from Darwin, all capital cities saw prices rise in May, with Adelaide and Perth sitting at peaks. By comparison, national home prices were 2.4% lower over the 2022 calendar year. Brisbane, Adelaide, Perth and Darwin recorded growth but falls occurred in all other capital cities. Not only have prices begun to rise this year but sales volumes have also increased significantly. Preliminary sales, which ...
Property investors: The ATO has a new weapon and it has you in its sights
The end of the financial year is just around the corner and the Australian Tax Office has got its eye on property investors. According to ATO research, property investors as a whole paid about $1.3 billion less than they should have in the 2019-20 financial year. An ATO review also showed 9 in 10 investment property owners were getting their return wrong. Common mistakes included rental income being left out and incorrect claims for property related deductions, such as overclaiming for im...
10 benefits of buying an off-the-plan apartment
Whether buying an investment or a home to live in, an off-the-plan apartment can offer many perks. Off-the-plan purchases often attract lucrative stamp duty savings and incentives as well as depreciation benefits if you opt to lease the unit to tenants. Because the apartment is yet to be complete, you may also be able to tailor certain features. 1. Enviable locations Many new apartment developments take advantage of central locations, whether due to a zoning change, because another b...
What the surprise rate rise means for the market
Experts say the Reserve Bank's shock decision to raise interest rates again will weigh on buyer confidence. However, with the supply of properties for sale still very tight, it may prove to be a mere 'speed bump' in the market recovery. At its May board meeting, the RBA lifted the official cash rate by 25 basis points, marking the 11th hike in its tightening cycle, bringing the cash rate to 3.85% - its highest level since April 2012. The hike was another blow to struggling mortga...
Overseas interest in Aussie properties has surged to record levels as migration hits highest point in three years.
Searches from overseas for properties to buy and rent on realestate.com.au last quarter reached their highest level since PropTrack records began in 2019. Rental property searches in the past three months are up 34% on the same period in 2019, and searches to buy properties are up 29%. Where the demand is coming from The countries with the highest searches for Aussie properties are New Zealand, The United States, The United Kingdom, China, Singapore, Hong Kong, and India. New Ze...
Perth vacancy rate remains low, more rent rises are a certainty
Perth’s vacancy rate was 0.7 per cent in March, unchanged from February and January. REIWA CEO Cath Hart said the ongoing shortage of rental properties meant more rent rises were a certainty, with many tenants facing their first increases since interest rates started to rise nearly a year ago. “There has been a lot of talk about the ‘mortgage cliff’ and the financial shock about 800,000 Australians will feel as their fixed rate loans retur...
URBAN LUXE ON CALE ST UPDATE
It’s been a busy number of weeks on site at 11 Cale Street Como. Works are progressing at a steady rate and we are excited to see the slab go on for the next level soon!
Perth Hub April Construction Update
Construction of Perth Hub continues to accelerate at a steady pace, with the below key milestones taking place last month. - Level 6 poured and stressed - Formwork underway for Level 7 - First pour on level 7 due in 1 week - Cores jumped to level 10 Drawing in the context of nearby city landmarks, including the striking neighbouring Dorsett Hotel and the geometric RAC Arena, Perth Hub is set to dazzle with its innovative design. Source: ...
‘Exactly what our city needs’: Perth’s CBD finally getting a primary school
Plans to build Perth’s first high-rise primary school have been revealed, with the Education Department revealing it is hoping to build on a carpark in East Perth. The City of Perth carpark, opposite Queens Gardens and near the WACA grounds, has been identified as an ideal site, close to amenities and easily accessible with public transport. The school will aim to take on 800 students from Northbridge, Perth and East Perth and is scheduled to open in 2028. City of Perth Mayor Basil Z...
How to create a five-year investment plan (and why you need one)
When it comes to performance, preparation is key. The same goes for your property investment goals. Creating a property investment plan comes down to a few simple things: where you are now, where you want to be and what you need to bridge the gap. It gives you a clear idea of your investment strategy and breaks it down into simple, actionable steps to achieve it. It's not a set-and-forget document — it should be an evolving roadmap tailored to your unique situation. Short-term chang...
Downsizing? Read this first
"There are many reason people decide to downsize. Whether financial, to be close to family, declining health, or simply a change in scenery." The kids have moved out and it’s time to think about what you want in a home. Perhaps you want to travel and want a place you can lock-up and leave. You would no doubt want to spend less time maintaining house and garden and more time enjoying yourself. There are many reasons people decide to downsize whethe...
Minister moves to fast track student visas
Student visas could be fast tracked as Australia responds to a snap decision by the Chinese government to ban citizens from studying at foreign universities online. China's education ministry announced the ban on Saturday, telling its citizens to return to overseas campuses for the first time since the COVID-19 pandemic started. The higher education sector estimates the ban would result in about 40,000 international students returning to Australian universities but have warned of logistical...
40,000 Chinese students could come to Australia
A surprise decision could see 40,000 Chinese students flood Australia, as the Chinese government bans online study at foreign universities. A shock decision by the Chinese government could see 40,000 Chinese students flood Australia, with a recent surprise ban on citizens studying online at foreign universities. Aussie universities heralded the ban, in the hopes it would cause a surge in international students who largely abandoned Australian schooling at the start of the pandem...
WA property market well placed to absorb rising interest rates
The latest interest rate rise will have a more moderate impact on the WA property market than other states because of the strong local market fundamentals, according to REIWA CEO Cath Hart. The Reserve Bank of Australia lifted the cash rate by 0.25 basis points to 3.35 per cent on Tuesday. That sees an increase of approximately $855 to monthly repayments on a $500,000 loan since April 2022. With some commentators predicting large price falls ...
EOFY High Tea with AZ-PROPERTY
AZ-PROPERTY celebrated End Of Financial Year with a High Tea at Crown.
Perth Property Expo 2022
Thank you everyone who visited us at the Perth Property and Education Expo It was a pleasure sharing all the latest updates about our exciting upcoming project Perth Hub. For more information, please do not hesitate to contact us! E: [email protected] T: 08 9355 2757
Receive $100 gift card for every referral
Do you know anyone looking for a good and reliable property manager for their rental property? Receive $100 gift card for every referral! We are right here on your doorstep with local market knowledge and focus driven Property Management, ensuring you get the most out of your investment. Whether you are new or experienced in property, we are here to open new perspectives to the industry. Get in touch with us at [email protected]
Should I buy a house now or wait until 2023?
With interest rates rising, many home buyers might be deciding whether to buy now, or to hold off for a few months to see if prices fall in 2023. As yet, we’re not seeing demand drop off significantly here in Perth and that’s also a driving factor in keeping prices up. If you’re deciding whether to buy now, or to wait, the following article from The Property Tribune has some national price statistics and analysis which could be a good predictor of things to come. With ...
Rightsizing: The 5 things you need to consider
Forget upgrading or downsizing – there’s a new lifestyle shift we’re seeing a lot, called ‘rightsizing’. It’s when home buyers (families even) decide to swap their high maintenance houses for spacious luxury apartments. Traditionally in Perth that’s not something families have done. But, with a lot of people wanting to spend more time on holidays, adventures and going out for food & entertainment - luxury apartment living seems to b...
Buying off-the-plan? Here are the top 10 benefits
Whether buying an investment or a home to live in, an off-the-plan apartment can offer many perks. Off-the-plan purchases often attract lucrative stamp duty savings and incentives as well as depreciation benefits if you opt to lease the unit to tenants. Because the apartment is yet to be complete, you may also be able to tailor certain features. Read the complete guide to buying a new apartment here but firstly, here are more advantages when buying an off-the-plan apartm...
Top 3 tips for getting yourself buy ready in 2023
If you are thinking of buying a property in the new year, now is the time to start preparing. Here are our top 3 tips for getting yourself “buy ready” and therefore ahead of the competition in 2023: 1. Ensure your finances are in order and seek pre-approval. When you apply for a home loan, banks want a lot of information about your expenditure. Try to clear debts, make regular savings deposits and minimise your expenses now, so that you look ...
What are your rights as a first home buyer?
If you are ready to take the plunge into buying your first home, you may be wondering, after the last few years of increasing property prices, if now is the right or wrong time to get yourself on the property ladder. Why not consider buying an apartment instead of a house? Perth offers many ready-to-move into apartments in great neighbourhoods close to public transport and amenities. These can be very attractive and sometimes affordable options for first home buyers. Next, you...
R U OK Day
R U Ok Day is an important day on the calendar, marking a chance to reach out to those around you and initiate a conversation about mental health and wellbeing. One simple question has the potential to transform a life. It’s also worth clicking on the Chit Chat Channel section of the R U Ok website to read the stories of others, gain tips on how to lend support, and read about news and resources. The sense of community and care will inspire you. Visit the R U OK Chit Chat here
Finding the best agent to sell your property
Integrity and transparency are the heart of what we do here at AZ Property. We believe excellent communication, good local knowledge and strong sales results are also reasons why clients return to us time and again to sell their properties. Check out this article on what else to look for when choosing an agent! Choosing the right agent is a make or break decision when selling a home. Pick the right one and you’re half-way to being sold, but make the wrong call and it could cost you, l...
Pre-settlement inspection checklist
Nearing settlement is a very exciting time for property buyers but also a busy one. Our expert team will easily guide you through this process, making the final stage as stress-free as possible. One of the ways we do this is by offering free pre-settlement inspections, to make sure the property is in the same condition as when contracts were exchanged. For example, if there's a new hole in the wall that wasn’t there during the ‘pre-purchase inspection’– you can ...
Real Estate Tips - Downsizing
It's no surprise that apartment living is on the rise. With so many people downsizing and looking for more manageable, affordable options, we've been receiving a lot of enquiries from 'downsizers' recently. These are our top tips: Tip #1: Downsizing doesn’t mean downgrading – there are many apartments with quality finishings and focus on sustainability in their designs. Tip #2: Think about the furniture you want to keep when looking at floor plans – keep an eye out for our...
The best trick or treating and ‘decoration destinations’ in Perth
Not all suburbs get into the spirit of Halloween but it’s a growing trend in some suburbs – if you know where to look! If you or your kids are looking to get involved in some organised and safe trick or treating fun, be sure to check out this community page showcasing community-driven Halloween events taking place around Perth: https://www.kids-around-perth.com/halloween-in-perth.html If you do plan to go door knocking, or want to drive-by some spectacularly spooky houses, here ...
Find the best apartment dog
Did you know that almost half of all Australians own a dog? With more people downsizing, apartment living doesn’t mean having to give up your beloved pet. Many dog breeds are well suited to smaller spaces and can be kept very healthy & content. Check out this long list of best apartment dogs. Topping the list is the adorable Bichon Frise. Surprisingly, the Great Dane also gets a mention! Think living in an apartment prevents you from becoming a dog owner? Think ...