The EOFY Market Wrap Up

by limniospropertygroup | 01. August 2017 10:38

The Perth property market has witnessed an incredible year, with buyers, renters, sellers and investors all benefiting at one point or another. Overall it can be agreed that the year was one that needed the right strategies in order to get the appropriate results for clients. Luckily at Limnios, we take the extra step to make sure our clients get the results they are after! So, what were the key points throughout the year? Read on to find out.


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The buying market has experienced a roller coaster ride, experiencing both the benefits and the struggles of an excess supply. House prices within the Perth metro area have only grown 2.3 per cent over the past ten years making it a great time for those looking to invest. Additionally, there has been signs of a continuing upward trend in market value. The median house price remained consistent over the final months of the financial year, with the average home being priced at $517,000. The indication of the medium house price remaining constant is a sign for furthering improving conditions within the Perth property market and is a sign that it really is all up from here!


Currently people who are looking at buying property in Perth can expect to see a very even playing field. Sellers are pricing their homes to meet the market expectations and buyers are finding that their ideal price points are being met. This parity within the market place allows for smooth transitions during the buying/selling phase. Such a smooth transition also allows for more people to easily take advantage of interest rates, which have remained at a record low of 1.5 per cent. Our team expects to see an increase of home buyers during the next six months, along with a happy group of sellers. We can except to see the median home price gradually going up, which will be adding value to both those who are looking at selling their home and those who have recently purchased homes.


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The rental market has been balancing on a tight rope throughout the last financial year. This is partly due to Perth property currently being a buyer’s market. This has caused more people to switch from renting, to home owning. However, this is still a positive for many people who snatched up investment properties over the last year. With more investment properties entering the market, they are priced appropriately to generate strong investment returns and additionally have allowed for renters to find homes that are within their budget. The rental market is continuing to see strengthening signs of growth with the median rental price remaining constant at $350 per week through the last quarter. Additionally, vacancy rates have not increased in the past month, giving landlords peace of mind knowing their home is not empty!


The team at Limnios expects to see the rental market slowly increase throughout the next year. The signs are all present for future growth! Our team is also expecting to further see excellent results for our own tenants and landlords. In June, our team leased 81 per cent of our properties. This is an excellent result with the industry average being only 43 per cent. This statistic coupled with our median rent price of $421.54, shows that the market is truly growing and that is pretty exciting news!


Essentially the time is right in the Perth property market. So, whether you are looking to buy, sell, rent or invest, the market is waiting for you. In addition to the market continuing on its upwards trend, the team here at Limnios have some very exciting news for our landlords and tenants. Stay tuned and speak to the team that gets results.


 


*Information based on REIWA statistics July 2017 and Limnios internal statistics.


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