Daily Bulletin

Business Mentor

.

  • Written by Brian Greig


Perth 29 March 2015. Fresh data from reiwa.com show that the number of properties on the Perth market has reached 14,000 while the number of homes for rent has passed 6,500.

President of the Real Estate Institute of Western Australia, David Airey, said listings had jumped for both sales and rentals as a result of the state’s slowing population growth rate and the affect of new building construction impacting on established home sales.

The number of properties listed for sale has jumped by over 2000 since the start of the year and sales have slowed by 15 per cent when compared to the same period last year.

With 6,500 rental properties available across the metropolitan area, that’s a 210 per cent increase since 2012 and has pushed the vacancy rate over 4 per cent,” Mr Airey said.

Mr Airey said the very high level of house and unit construction across the state, accompanied with the fall in population growth, had tipped the scales to oversupply.

Added to this is the big fall in the number of first home buyers choosing established homes and building new ones instead.

However, all this is great news for both buyers and tenants because it means there is a huge amount of choice and very competitive pricing.

Along with record low interest rates, there has rarely been such a good time to buy and first home buyers continue to be active in the market place,” Mr Airey said.

According to reiwa.com, Perth’s median house price dipped by $5,000 last month to around $547,000, while metropolitan rents were holding steady at $440 per week.

With this large supply of homes for sale and rent, it’s likely we will see negligible price growth across 2015 and a fairly slow market for those selling property or looking for tenants.

It is essential that sellers and owners listen closely to the advice of their selling agents and property managers to ensure the right marketing and pricing in what will prove to be a very competitive environment,” Mr Airey said.

Mr Airey said that recent figures indicated that days on market for home sales had stretched to 67, compared to a more normal 45, while the number of sellers prepared to discount on their asking price was now 57 per cent.

Rental leasing times across Perth is averaging 36 days.

Lakeba's Administrative AI Mastery: Unlocking Efficiency Across Industries

While startup success rates remain perilously low, venture studios have crafted methodologies stacking probabilities for commercialization through integrated support fine-tuned specifically for scal...

Daily Bulletin - avatar Daily Bulletin

Understanding the Real Cost of a Weighbridge or Truck Scale

Investing in a weighbridge management system makes your business more efficient, effective and compliant with regulations. But there’s more to it than that. So, read on to learn more about the compl...

Daily Bulletin - avatar Daily Bulletin

Scrap Car vs. Salvage Car: What’s the Difference?

Is the car salvage or scrap, isn't it confusing? Well, These terms may sound similar but they’re not –  It's about figuring out where these cars go.  Through this article we will make it clear what...

Daily Bulletin - avatar Daily Bulletin

Choosing the Right Professional Relocating Service In Australia Is a Big Edge

Relocating to a new place is challenging and a big adventure but the part where you have to move all your things can be hard and stressful.  The good news is there's a way to make it easier: you ca...

Daily Bulletin - avatar Daily Bulletin

How Does Personalised Packaging Influence Consumer Behaviour?

In modern commerce, personalised packaging emerges as a crucial element distinguishing brands in a saturated marketplace. This strategy extends beyond conventional packaging methodologies, infusing ...

Daily Bulletin - avatar Daily Bulletin

Ashfords Wealth Exceeds Projections, Setting a New Benchmark in Online Transactions

South Victoria, Australia - Ashfords Wealth, a prominent name in the realm of online financial platforms, has recently achieved remarkable success by surpassing its projected growth targets. This ac...

Daily Bulletin - avatar Daily Bulletin

Tomorrow Business Growth