Activity up among buyers and tenants
BOTH Perth’s sales and rental markets recorded improved activity in the three months to March, according to the latest data from REIWA.
House sales transactions increased by 30 per cent and leasing activity increased by 24 per cent.
REIWA president Hayden Groves said it was encouraging to see market activity lift notably across both sectors of the property market.
“Signs are certainly beginning to suggest that the worst may be over in
Perth,” he said.
“Homebuyers, investors and tenants are clearly taking advantage of favourable conditions to secure their dream home, property investment or rental lease.”
Leasing activity increased across Perth’s five sub-regions and was up 35 per cent when compared with the same time last year.
“While the rental market certainly still presents its challenges for landlords, with listing levels remaining high, tenants are very active right now,” Mr Groves said.
“I advise landlords to listen to the advice of their property managers when advertising their property for lease.
“The market remains competitive, but provided your rental is priced and presented well, you have a very good chance of securing a tenant.”
In the residential sales market, reiwa.com data showed house sales activity held up relatively well on an annual basis, dropping slightly by 1 per cent in March 2017 compared to March 2016, while listings for sale declined by 3 per cent on an annual basis.
“Sales activity in Perth appears to be stabilising,” Mr Groves said.
“We’re not seeing the big shifts in levels that we once were and in fact we’re regularly seeing activity levels show signs of improvement, which is pleasing.”