RESIDENTIAL 34 www.communitynews.com.au June 12, 2019 Relief for buyers Tenant take-up improves in May THE Perth rental market enjoyed a strong rebound in May after a more subdued April, according to Reiwa. Tenant activity increased 13 per cent, with 4316 properties leased during the month. “In May, the suburbs that saw the biggest spike in leasing activity were Warnbro, East Victoria Park, Balga, Quinns Rock and Cloverdale,” Reiwa deputy president Lisa Joyce said. “Other suburbs to perform well were Yokine, Bertram, Halls Head, Hillarys and Golden Bay.” Rent prices remained stable, with the overall median rent sitting at $350 per week. “House and unit rents also recorded no change, holding at $360 and $330 per week respectively throughout the month,” Ms Joyce said. “While overall rent prices were unchanged, 26 per cent of suburbs in the Perth region saw their median rent price increase, with the biggest improvements occurring in Subiaco, Mosman Park, Warnbro, Dudley Park and Cloverdale.” Listings for rent increased HOUSING affordability improved nationally, with the proportion of income required to meet loan repayments dropping 0.9 percentage points to 30.3 per cent in the March quarter 2019 according to the latest Adelaide Bank/REIA Housing Affordability Report. The report had good news for WA buyers and owners, with the proportion of income needed for mortgage payments dropping 0.5 percentage points to 22.6 per cent in the reporting period and 1 percentage point lower than the same time last year. Despite increasing affordability, first-home buyers activity dropped across the country and in WA during the quarter. Nationally, the number of first-home buyers decreased 19.7 per cent to 23,403, making up 17.9 per cent of the owner-occupier market. Their number was also 11.6 per cent lower than the same time last year. Within WA, the number of first-home buyers declined 13.6 per cent to 3313 over the quarter and was 7.4 per cent lower than the same period 12 months ago. They made up 35.9 per cent of WA’s owner-occupier market. The average loan for a first-home buyer was $308,497, higher than the December quarter figure of $306,850 and the March quarter 2018 figure of $308,070. While the size of the loan for first-home buyers increased, the average loan size for WA decreased, down 1.3 per cent over the quarter to $336,186 and 4.1 per cent lower than the same time last year. Rental affordability improved to 16.5 per cent of income, a decrease of 0.1 percentage points from the previous quarter. WA was the most affordable state to rent in terms of proportion of income consumed by rent. However, affordability declined over the year, up 1 percentage point. Rental activity picked up in May. 1 per cent to 7252 properties by the end of May. “While rental listings remain significantly lower than what they were a year ago, we have observed a gradual increase in stock levels during the last few months,” Ms Joyce said. “It’s likely the rental market is starting to absorb some of the sales listing stock, with sellers choosing to try their hand at renting out their property instead of listing for sale.” Dwelling values in Perth declined 1 per cent to $436,090 in May, according to CoreLogic’s latest home value index. Ms Joyce said although overall prices declined in the Perth region, reiwa.com data showed 28 per cent of suburbs saw improvements in median house price. “The top performers in May were Erskine, Cottesloe, Hillarys, Kingsley, Wanneroo and Ballajura, with all suburbs recording notable growth,” she said. While overall prices were down in Perth, reiwa.com data showed sales volumes improved during May following a particularly weak April, with 43 per cent of suburbs recording an increase in activity. “The suburbs that saw the biggest improvement in sales were Currambine, High Wycombe, Gosnells, East Victoria Park and Baldivis,” Ms Joyce said. She said the election result should provide confidence. “There has been a lot of uncertainty surrounding the property market this year,” Ms Joyce said. homeopenguide wish you here!” “You’ll already lived SATURDAY 15TH JUNE BYFORD DUDLEY PARK 1.30-4.00PM 44 VETERANS DVE $395K ELAINE KANE 0437 516 202 11.00-12.00PM 3 GRACILIS VIEW $459K ELAINE KANE 0437 516 202 SUNDAY 16TH JUNE For over 55’s BALDIVIS COODANUP DUDLEY PARK FALCON GREENFIELDS MANDURAH MEADOW SPRINGS Choice of Homes from 1.00-1.30PM 5 JERBOA GRN $325K RODNEY CUNNINGHAM 0408 886 414 OPEN DAY 295,000 $ Wednesday Afternoon 1:00pm to 3:00pm 11.00-11.30AM 9 TANKERTON WAY $245K ELAINE KANE 0437 516 202 1.30-2.30PM 3 GRACILIS VIEW $459K ELAINE KANE 0437 516 202 2.00-2.30PM 5 OCCATOR WAY $395K ERIC HAMER 0407 345 291 All units have 2 bedrooms plus study, a bathroom plus a powder room, solar panels, smartlink emergency system, security screen doors, spacious villas with lots of storage space. 3.00-3.30PM 6 LUCIDUS RTT $270K RODNEY CUNNINGHAM 0408 886 414 3.00-4.00PM 9 LANYON ST $235K ELAINE KANE 0437 516 202 12.00-1.00PM 48 BELLAVISTA PDE $520K ELAINE KANE 0437 516 202 FOR SALE UNIT 12 83% of our readers like to read the real estate section, even when they aren’t buying property. Build your brand by being present and seen in your local community newspaper. to discuss solutions to suit your local area marketing campaign. The office is open from Monday to Friday, 9.00am-4.00pm at 140 Teranca Road, Mandurah. Call 13 20 13 now Contact Gillian 9550 4900 Source: Base: Local Reader Panel Advertising Survey conducted by Marketintel October 2017. read Property and Real estate pages in last 3 months www.terancamews.com.au
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