The Times Australia
Small Business News

.
Beatbot

.

Perth house prices, rents down in August

  • Written by Brian Greig
Perth
Perth

Perth 7 September 2015: New data out today from the Real Estate Institute of Western Australia show that Perth’s median house price and median rent fell in the three months to August.

HOUSE PRICES

The reiwa.com figures report that Perth’s median house price dropped 1.8 per cent, or $10,000, over the last three months to $540,000.

REIWA president David Airey said the number of properties on the market was up by 2 per cent to 13,921 in the month of August, but that in general listings were showing signs of levelling out at around 14,000 properties after a steep climb in recent months.

“There are 31 per cent more properties on the market than the same time last year. This is putting some downward pressure on prices as sellers adjust to changing market conditions,” Mr Airey said.
 
The reiwa.com data was showing that the areas experiencing the biggest jump in properties on the market during the three months to August included the City of Swan, up 158, and the Town of Kwinana, up 56.

Areas where listings fell included the City of Vincent and the southeast section of the City of Stirling, down 47 properties overall, Kalamunda down 26 and the northern part of Joondalup, down 15. 

“In a good sign for turnover, however, sales were up by 1 per cent in this period to 1,838 transactions, a dip of 12 per cent in the month of August itself but up by a healthy 6 per cent on the same time last year,” Mr Airey said. 

Stronger turnover was reported through northern Joondalup with 101 sales and Fremantle with 89. By contrast, sales dropped markedly in the South Perth and Victoria Park areas, along with the western suburbs.

The top five areas for sales for August included Butler, Bayswater, Baldivis, Ellenbrook and Canning Vale.   

RENTS     

Perth rents came down again, this time by $10 to an overall market median of $410 per week.

The reiwa.com data show that typically this represents around $420 per week for a house and $395 per week for a unit, apartment or villa.   

“This means that metropolitan rents have now dropped by more than 13 per cent, or around $60 per week, from 18 months ago and reflects the downturn in the mining-construction sector and resulting slowdown in the state’s rate of population growth,” Mr Airey said.

The most expensive median rental price for houses was found in the western suburbs at $725 per week, while the most affordable houses were in Kwinana with a median of $380 per week.

Kwinana also has the most affordable units and villas at $275 per week, while the more expensive median for this stock was found in the southern part of Joondalup at $505 per week.

REIWA’s metropolitan data is showing a vacancy rate of just over 5 per cent, with 8,504 rentals looking for tenants. This was down marginally in August but remains 40 per cent higher than the same period last year.

SME Business News

How Ofload and Logistics Tech Power Australia’s Biggest Shopping Month

Black Friday has evolved from a single day event into "Black November," overtaking December as Australia’s biggest shopping month. This shopping phenomenon, expected to drive $6.7 billion [1...

Kimberly-Clark Australia and Woolworths set to reduce plastic waste

Kimberly-Clark Australia, one of the nation’s leading personal care product manufacturers, has partnered with Woolworths on a packaging trial that’s set to remove tonnes of plastic waste from...

How can brands recognise the very important role that visual content plays in the real world?

For nearly three decades, Getty Images and iStock have developed unparalleled expertise in understanding the impact of visual content on our world. During this time, one truth has become clea...

Tasting Australia welcomes Journey Beyond as new presenting partner

One of the country’s longest running food and beverage festivals, Tasting Australia has announced Journey Beyond as the festival’s new presenting partner for 2025 and beyond. The partnership a...

Property Times

Enhancing Your Real Estate Investment with a Trusted Buyers Agency

Unlocking the potential of your real estate investment is an exciting but challenging journey. Partnering with a trusted buyers agency can make this process smoother, helping you maximise profits while securing your financial future. The real esta...

Sluggishness at the top imperils Australia’s housing shortage

Australia is lagging behind its target of building 1.2 million new homes by 2029, hindered by insufficient government intervention amid economic uncertainty and a volatile housing market. Since the target was announced last year, only 163,836 new...

Gold Coast Prestige Agent Hanan Cawley Joins Highland

Highland announces the merger with Hanan Cawley and his team. Mr. Cawley will take on the role of Managing Director of Highland Gold Coast, bringing his expertise and leadership to the forefront of the brand’s expansion in Queensland. Mr Cawley is ...

Help to Buy Scheme: Find out what the recently passed bill means for you

For many Australians, stepping into the property market feels as daunting as climbing Everest—challenging, expensive, and full of obstacles. The Federal Government’s Help to Buy Scheme, is a game-changer for 40,000 low to middle-income Australia...

Food & Dining

LaManna at Essendon Fields is transforming into a festive wonderland

This festive season, LaManna is decking its halls with an incredible range of goodies to meet all your Christmas needs and ensure your next holiday feast is one to remember.  With an extensive selection of Panettone, a variety of hampers and gift o...

For the foodie or home chef, look no further than premium pizza oven brand, Gozney

Founder and designer, Tom Gozney, wanted to bring a different way of cooking to as many people as possible and has led a movement of unforgettable cooking experiences inspired by fire.   Renowned for their design ethos, Gozney ovens are sleek ...

Chef Tom Walton shares three top tips to create budget-friendly meals without compromising on flavour

Feeding the family on a budget doesn’t need to mean sacrificing flavour. Chef Tom Walton shares his top three tips for creating delicious and cost-effective meals. Here’s how you can transform simple ingredients into multiple crowd-pleasing dishe...

Posh picnics the Sunshine Coast helicopter picnic tour

Oceanview Helicopters launches Picnic on a Peak celebrating Sunshine Coast local food and views Oceanview Helicopters has launched a new tour in preparation for the upcoming summer holiday season on the Sunshine Coast. The Picnic on a Peak exper...

The Times Features

LaManna at Essendon Fields is transforming into a festive wonderland

This festive season, LaManna is decking its halls with an incredible range of goodies to meet all your Christmas needs and ensure your next holiday feast is one to remember.  Wit...

'Big school ready’ before 2025

Rebecca Suseno, a mother from Croydon, NSW, shares her excitement and preparation for her daughter Chiara’s big leap into kindergarten in 2025. As a mother, there’s nothing...

ADHD medications affect children’s appetites. Here’s how to manage this

Attention deficit hyperactivity disorder (ADHD) impacts the ability to maintain attention to tasks. Often, it also involves impulsive behaviour – saying or doing things without...

For the foodie or home chef, look no further than premium pizza oven brand, Gozney

Founder and designer, Tom Gozney, wanted to bring a different way of cooking to as many people as possible and has led a movement of unforgettable cooking experiences inspired ...

Beyond bricks and mortar: Building socially connected communities is Australia’s next big challenge

As state governments rush to deliver thousands of homes across the major capitals,1 one of the nation’s leading urban planners warns we must build transit based, mixed-use, w...

New research shows how long, hard and often you need to stretch to improve your flexibility

Can you reach down and touch your toes without bending your knees? Can you reach both arms overhead? If these sound like a struggle, you may be lacking flexibility. Flexibilit...

Business Times

How Ofload and Logistics Tech Power Australia’s Biggest Shopping …

Black Friday has evolved from a single day event into "Black November," overtaking December as Australia’s biggest shoppi...

Kimberly-Clark Australia and Woolworths set to reduce plastic was…

Kimberly-Clark Australia, one of the nation’s leading personal care product manufacturers, has partnered with Woolworths ...

How can brands recognise the very important role that visual cont…

For nearly three decades, Getty Images and iStock have developed unparalleled expertise in understanding the impact of vi...

LayBy Shopping