WA sales and rental listings 'lowest since late 2014'
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Sep 5, 2019
WA sales and rental listings 'lowest since late 2014'
The number of properties available for sale and rent in Western Australia have dropped to the lowest levels since late 2014, with only 13,831 properties listed for sale and 6,599 properties listed for rent on reiwa.com in August.
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DepositphotosThe Perth Skyline
Perth’s residential sales market has slightly softened in August across all aspects, but the rate of price decline appears to be slowing, Real Estate Institute of Western Australia President Damian Collins says.
While CoreLogic’s latest home value index shows dwelling values in Perth declined for another month to 0.5 per cent in August, there are signs the city may be approaching the bottom.
Mr Collins said there were a number of suburbs that showed a significant reduction in listings (percentage wise) for August, demonstrating their popularity.
“Topping the list was Churchlands with the largest reduction, which was closely followed by Sinagra, Waterford, Shenton Park and Greenwood,” Mr Collins said.
Reiwa.com data shows the number of sales reduced by seven per cent during the month and the overall median sale price has lowered to $486,000.
Mr Collins said the further slowdown in the market suggested the full effects of the recent changes made by APRA, the Reserve Bank of Australia’s rate cuts or Keystart initiative have not yet been felt.
"Hopefully in time we will see an increase in the number of buyers, otherwise there will be a need for further action by the State Government in relation to land taxes and stamp duty,” he said.
The Perth rental market has seen a three per cent reduction of listing stock and a five per cent reduction in leasing activity for August.
Reiwa.com data reveals the top suburbs that have seen a significant decrease in rental listings include Alkimos with the largest reduction, followed by Connolly, Willagee, Shoalwater and Greenwood.
Mr Collins said he would be keeping "a keen eye" on any seasonal change that occurred within the market.
"Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity"
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