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The Perth and the surrounding property market is on the rise as the traditional real estate selling season clicks into gear, one leading network is reporting.
Raine & Horne said that Rockingham, an hour southwest of the Perth city centre, is in particular coming into its own, with first home buyers leading the charge buying new homes as well as house and land packages.
Principal of Raine & Horne Rockingham Paul Curran said that several factors were contributing to this.
“Including an improving mining sector, continuing low interest rates, and the area’s relative real estate affordability compared to the major eastern state capital cities are combining to fuel buying activity this spring,” the principal said.
“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.”
Mr Curran said that unit prices increased by 1.7 per cent over the year to the June quarter 2018, according to research from Domain.
But he made the point that they were still below 2014 peaks.
Mr Curran said that the change of season was having a positive effect.
“It’s always good to show properties in their best light, which is why spring is the traditional selling season,” the principal said.
“For some owner-occupiers, there is always the objective of enjoying summer in a new house, and this drives springtime buyer behaviour whether it’s a house in Baldivis or a lifestyle property in the Margaret River region.”
Mr Curran also said that the area’s rental market continues to show promising signs of improvement.
He said that, according to REIWA stats, the vacancy rate has fallen to 4.5 per cent in August, the lowest it’s been since April 2015.
“Meanwhile, REIWA is reporting that leasing activity was up by 17 per cent in August, with 4,805 dwellings leased during the month, with Leederville, Glendalough and Secret Harbour experiencing the most significant growth during August.
“Leederville had more than double the number of properties leased from July to August, with the volumes increasing by an impressive 183 per cent.”
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