Perth market out-performs other capital cities There was no surprise when the Reserve Bank Of Australia (RBA) raised the cash rate by 0.25% to 3.1%. This is the eighth straight monthly increase and the last time the cash rate was above 3.1% was in 2012. Mortgagors with a $500,000 mortgage (close to the average WA…
Inflation hits 7.3% Interest rates increased again this week, with the Reserve Bank of Australia (RBA) raising the cash rate by 0.25% on Tuesday. This rise is the first time interest rates had increased on Melbourne Cup day since 2010, when the RBA raised the cash rate to 4.75%. The cash rate is currently 2.85%,…
RBA minutes suggest more rate rises This week Perth property prices recorded a relatively small decline after two previous weeks of positive growth. The 0.18% price fall has resulted in Perth prices increasing by 3.57% for the year, and although price growth has fallen from its peak of 4.23% in early August, the trend illustrated…
Weekly review of Perth property market Perth prices bucked the recent downward trend this week, posting a 0.9% increase, and the following chart illustrates that this is the first price increase in two months. However, the RBA increased interest rates again this week. The more conservative 0.25% increase in the cash rate (the…
Rental listings down 30% since May Property prices declined on average by 0.27% this week. Unfortunately, after prices held firm in the face of rising interest rates for an extended period, Perth has not recorded a weekly price increase for nearly two months. The following chart illustrates that downward pressure on prices is starting to…
WA new building approvals decline sharply There was very little change again this week for Perth’s real estate sales and listings. Sales increased marginally, recording 944 transactions, while listings fell marginally with 8,406 properties for sale. These figures have remained remarkedly consistent even though two significant events occurred, the opening of the WA borders back…
Perth property prices record biggest weekly fall Well, it brings no joy to report this week that the interest rate hikes have led Perth to record the largest weekly fall in property prices since the beginning of the year. The nearly 0.2% decline is a concern because, as the following chart illustrates, it highlights the…
Latest REIWA Data Despite increasing sales and listings at the lowest levels in years, Perth recorded a slight decline in property prices this week. Sales increased by 5%, with Perth recording 1,123 sales while listings remained steady with 7,903 properties for sale. Sales and listings are currently at very similar levels to February and March…
APRA Increases interest rate buffer Last week we reported that the Australian Prudential Regulation Authority (APRA) and the Reserve Bank of Australia were looking to tighten lending standards due to the rapid increase in property prices. We anticipated the tightening would not be focused on investor lending, rather the focus would be on the income…
Monthly hours worked This week sales rebounded by 8% with Perth recording 875 transactions which is very close to our 3-month average of 891. The increase was driven by houses and units registering an 8% and 31% increase respectively, however, vacant land sales fell by 18%. Listings decreased by 1% this week with 8,510 properties…