Perth Vacancy Rate Increases To 10-Month High
The biggest one-month increase since April 2020.
The biggest one-month increase since April 2020.
The Perth vacancy rate increased to 1.2 per cent in June 2021, the highest-level Perth has seen since August 2020.
REIWA President Damian Collins said not only was it the highest vacancy rate Perth had seen since August 2020, but it was the biggest one-month increase since April 2020.
“While we are still a way off the two to three per cent figure required for a balanced market, the improvements observed since the end of the rental moratorium are encouraging and suggest there is light at the end of the tunnel,” Mr Collins said.
Since the end of March, reiwa.com data shows listings for rent have increased 5.7 per cent in Perth.
The five suburbs to record the biggest percentage froth increase in rental listings include Balga (+108%), Highgate (+90%), Osborne Park (+67%), Karinya (+60%) and Piara Waters (+54%).
Mr Collins added that the increase in listings shows confidence in the market starting to return and is backed by the latest Australian Bureau of Statistics data which indicates investor loan approvals in Western Australia to $498 million in May 2021 – up 10% when compared to April 2021.
However, Mr Collins adds, “As the year progresses, we should see more available rental properties hit the market as investors return and current tenants take advantage of WA’s affordable house prices to become first home buyers.”
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
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This stylish family home combines a classic palette and finishes with a flexible floorplan