According to data from the Real Estate Institute of Western Australia (REIWA), “House prices in Perth have dropped further since the end of June.” Based on the REIWA’s Statistics for the three months to July show Perth’s median house price down a further 0.2% to around $540,000.

 

Despite of the decrease in median price last July, the rental remains firm and remains unchanged at $450 per week. It showed also that Perth’s median house price had dropped last June. House prices are generally higher compared with the precious months. By this result, it shows weaker market and softens the median. Typically, the rent per week for a house is $460 and $435 for unit, apartment and Villa. But the rent dropped by $10, In Western Part, we saw some areas of market tightening even the housing market experiencing a huge increase in rental listing.

http://www.rebonline.com.au/breaking-news/7993-perth-s-price-slump-confirmed



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REIWA reports that Perth’s property market cooled further in July with lower sales turnover, fewer listings and a slight median price dip.

According to REIWA President David Airey, “July figures were normal for winter and expected the market to pick up in spring.

 

The July quarter indicates that the declining trend in Perth’s median price has continued. It is not surprising to have this result because of the affordable market which pulling down the median. Some suburbs dropped their rents per week but Perth’s rental market is steady over the period. The prices were down and the rental market is cooling with median price decline by 1.8% at the three months to April. Perth median rent is still $450 per week and predicted the rise of vacancy rate. Therefore, if the vacancy rate is increasing, probably the rents will become soften.

http://www.perthnow.com.au/realestate/news/perth-house-sales-down-10-per-cent-median-property-price-down-02-per-cent-to-540000-for-three-months-to-july-says-reiwa-data/story-fnhlgriw-1227014236263

 


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Reduced rental demand is the key feature of the Perth residential market at present.  Tenant enquiry volumes are significantly down, leasing timeframes have blown out from 1-2 weeks vacant a year ago to 3-4 weeks and beyond.  What can you do as an owner to lease your property quickly?

Firstly, ensure your property is ready to rent.  The front lawn and gardens must be trim and weed free. Cut excess vegetation away from the front windows and entrance.  Inside, professionally clean the carpets, do a full vacate clean of the house, and repair all minor maintenance items.  Remove any rubbish or old tenant belongings left behind.  Check all lights have operating globes, heaters are operational and kitchen appliances work.  Positive first impressions are vital in this weak market.

Secondly, ensure your property is marketed well.  Use a professional photographer, erect a professional for lease sign, and write professional advertising copy.  You will need to be listed at a minimum on realestate.com.au and reiwa.com.  In addition you will need to conduct home opens twice a week.  Tenants do not show up for by appointments much anymore.  Relying on the phone to ring, classified ads in the newspaper and online with gumtree screams “private landlord” and is a magnet for sub-prime tenants.  You may as well leave the keys in the meter box now.

Thirdly, be prepared to review your asking rent.  If your property is vacant for more than two weeks, then cut the rent now, and cut it hard.  Drop the rent by a minimum of $30 per week.  You cannot retrieve the lost rent from empty weeks, but you can increase the rent to a sitting tenant at the 6 or 12 month lease renewal.  Focus on getting a rent-paying tenant in the property, not the actual rental amount.

Fourthly, do not drop your screening standards.  If you have already got your property looking good, marketed well and dropped the rent, it will lease.  It is better to wait another couple of weeks than to place a bad tenant and lose thousands of dollars in repairs and rent arrears.  Be patient and a decent tenant will apply. Remember when the rental market was hot and you never had an opportunity to get inside your property to repaint and spruce up?  Guess what, now is your time!

Adam Bettison

Managing Director

 

HouseSmart Real Estate Pty Ltd


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According to REIWA, “There has been a one percent fall in June quarter median house price over the period from May to July. The current median house price now sits at around $520,000.

The latest Real Estate Institute of Western Australia (REIWA) market snapshot for the three months of July shows the Perth sales and rental markets have softened.

 

REIWA released the market snapshot for three months to July and it shows that there was a fall in June quarter median house price. Maybe some were noted for a small softening in sales. The rental market represents stable because there is no change but compared last year, there is a big jump. The latest median rents in Perth were stable at around $480 for a house and $455 for a unit, apartment or villa. If mining will boost, it really helps the market to become stable. There is a possibility also that interest rate will changed.

http://www.rebonline.com.au/breaking-news/6599-perth-housing-market-softens

 


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