The Perth property market is springing to life as the traditional real estate selling season clicks into gear.
Paul Curran, Principal of Raine & Horne Rockingham, said first home buyers are leading the charge in the Rockingham LGA by buying new homes as well as house and land packages.
“Several factors including an improving mining sector, continuing low interest rates, and Perth’s relative real estate affordability compared to the major eastern state capital cities are combining to fuel buying activity this spring,” said Mr Curran.
“Moreover, while house prices in Perth are still softening the rate of decline has slowed significantly, and this is another indication the worm is turning for Perth real estate.”
Unit prices increased by 1.7% over the year to the June quarter 2018, according to research from Domain but they are still below 2014 peaks.
“It’s always good to show properties in their best light, which is why spring is the traditional selling season,” said Mr Curran.
“For some owner-occupiers, there is always the objective of enjoying summer in a new house, and this drives springtime buyer behavior whether it’s a house in Baldivis or a lifestyle property in the Margaret River region.”
Rents are steadying
The Perth rental market continues to show promising signs of improvement, with the vacancy rate falling to 4.5% in August the lowest it’s been since April 2015, according to REIWA.
Meanwhile, the real estate peak body reported leasing activity was up 17% in August, with 4,805 dwellings leased during the month with Leederville, Glendalough and Secret Harbour experienced the most significant growth in leasing activity during August.
“Leederville had more than double the number of properties leased from July to August, with the volumes increasing by an impressive 183%,” Mr Groves said.
Paul Curran’s tips for a rapid spring sale