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…
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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…
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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…
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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…
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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…
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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…
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