Friday, August 6, 2010

Perth Real Estate Now Favouring Buyers

The Real Estate Institute of WA has released more disappointing figures for the WA real estate market showing that the state-wide sales in the June quarter have dropped 7% which is the lowest in almost two years. First home buyers such as myself are still holding back on purchases, sitting on the sideline and waiting to see how the market is going as interest rates pressure continues to increase.

Why is the market in the buyer's favour now?

  • More houses are on the market in June 14,500 compared to 12,700 in previous quarter
  • Average time to sell has increased by nine days 
  • Median house price is back down to $490,000
  • 61% of sales were sold at less than asking price by an average of 5.8% cheaper
  • Vacancy rates of rental properties are at 4.3% which is still higher than average 3% pushing rent prices up
What are your thoughts about the current Perth housing market? Buy or sell? Are you a local or overseas? Love to hear comments from you.

1 comment:

Merv Barrett said...

The Perth market is still recovering from the 2006 boom. I really think this will be the last year with poor / negative growth for most suburbs.

Looking at the median figures from 2000 shows a masive spike in 2006. The market is still in recovery from that boom. If you removed the spike from the market, it looks ready for growth in 2011...

The other major factor is interest rates... If they increase, next year could still be flat.

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