Market Report: WA real estate update, November 2018

Sales activity improved by 11% in the Perth market in the second weekend of November, according to data from REIWA.

This increase follows a 14% increase in house sales and a 4% rise in unit sales. Vacant land sales were unchanged.

In another positive sign for the Perth market, there were 14,999 properties for sale at the end of the first full week in November, which is 1% less than the previous week.

Tim Chant, Principal of Raine & Horne Cannington, says the impending Christmas deadline will prompt some buyers to make a move to secure a house or apartment. “For those wishing to be in their new home before Christmas, making a buying decision in early November represents the best chance of achieving this objective.”

Given Cannington proximity to Curtin University, Tim expects to see more overseas, and regional WA buyers such as farmers start to make their presence felt in Cannington, Wilson and Saint James. He explains, “Regional and overseas buyers will start to buy properties for their tertiary age children who will start at Curtin next year. This activity will provide the market. with its next boost.”

Entry level apartments start at $450,000 close to the university or $350,000 in Cannington. A house in Cannington ranges in price from $450,000- $500,000. Tim notes, “There are plenty of investors buying 4-5-bedroom homes and renting them out by the room.”