Perth Market Snapshot – July 29

Perth Market Snapshot – July 29

29 July 2016

REIWA Reports overall reported sales in Perth increased by 8 per cent over the week to record 582 sales across houses, units and land.

The overall increase in sales can be attributed to a 9 per cent increase in house sales and a 28 per cent lift in vacant land sales, while unit sales experienced a seven per cent decrease in activity.

The total number of properties listed for sale in Perth this week was unchanged in percentage terms, sitting at 14,374.

Unit listings had a small two per cent increase, house listings were unchanged and vacant land listings experienced a marginal one per cent decrease.

This week’s total listing figure is two per cent lower than four weeks ago and four per cent higher than this time last year.

Home Ownership Dream Still Alive On The West Coast
REIWA reports that Western Australia was one of only two states in the nation to not experience ! a decline in home ownership between 2002 and 2014, according to the latest findings from the Household, Income and Labour Dynamics in Australia (HILDA) survey.

The HILDA study showed that despite the rates of owner-occupied housing declining in nearly all states across Australia, WA and Queensland saw little net change in home ownership.

The biggest declines were felt in Victoria and New South Wales, with home ownership rates dropping by 7.8 percentage points and 4.3 percentage points respectively.

REIWA president Hayden Groves said the results of the HILDA survey illustrated the difference between the various property markets across Australia.

“Real estate markets on the East Coast, in particular Victoria and NSW, behave quite differently to WA. In fact, since the slowdown in the mining sector we’ve actually seen housing affordability improve in Western Australia.

“Combined with record low interest rates and plenty of choice available, it’s a smart time for West Aussies first home buyers to take advantage of local market conditions and achieve their home ownership dream,” Mr Groves said.

Perth Market Snapshot – July 29

29 July 2016

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