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Mixed results for Perth rental market in June quarter

Perth’s rental market produced mixed results in the June 2018 quarter, with stable dwelling rents, subdued leasing activity, declining listings and faster leasing times.
REIWA President Hayden Groves said the June quarter’s mixed results were not unusual given Perth’s rental market was in a transitional phase.

“Although the worst of the downturn appears to be behind us, it’s not uncommon to see results fluctuate as the market transitions into a recovery.

“The change in seasons has also contributed to this quarter’s results, with the cooler weather impacting activity levels. We tend to see activity slow during the winter months before picking up again in spring,” Mr Groves said.

Median rent prices

Perth’s overall median rent price remained stable in the June quarter, holding at $350 per week for a fifth consecutive quarter.

“Rent prices have been stable since the June 2017 quarter, which is pleasing. After experiencing prolonged periods of freefalling rent prices, the stability we’ve observed over the last 12 months is a welcome change and should provide landlords with confidence,” Mr Groves said.

Although Perth’s overall rent was stable, reiwa.com analysis shows 102 suburbs across the metro area did experience median rent price growth.

“The five best performing suburbs for rent price growth in the June quarter were Attadale (up 75.8 per cent to $580 per week), Jolimont (up 50.9 per cent to $423 per week), Burswood (up 33.3 per cent to $480 per week), Booragoon (up 28.4 per cent to $475 per week) and Hamersley (up 28.4 per cent to $430 per week),” Mr Groves said.

“Other top performing suburbs were Karawara, North Fremantle, Mount Nasura, Mount Claremont and Hillarys.”

Leasing activity

There were 12,633 properties leased during the June 2018 quarter.

Mr Groves said leasing activity had declined 10.4 per cent over the June quarter and was down 4.1 per cent compared to the June 2017 quarter.

“The latest population figures for WA shows migration into the state has declined by five per cent, which has likely influenced leasing activity levels in Perth. The rental market feels the impact of changes in population first, with new migrants to the state relying on rental accommodation to set themselves up.

“Tenants are also not moving as much as they were when prices were declining and there were good deals to be had. After 12 months of stable rent prices, lower activity levels suggest tenants are feeling confident rental prices have found a floor and therefore more inclined to stay put,” Mr Groves said.

Despite the overall reduction in leasing activity, reiwa.com data shows there were 71 suburbs across the metro area which saw leasing activity improve.

“The five suburbs which saw the biggest improvement in activity were Brookdale (up 88.9 per cent), Ocean Reef (up 75 per cent), Kallaroo (up 63.6 per cent), Parmelia (up 48.3 per cent) and Hamersley (up 46.2 per cent).”

Rental listings

There were 8,293 properties for rent in Perth at the end of the June 2018 quarter.

Mr Groves said this figure was 2.5 per cent lower than the March 2018 quarter figure and 22.9 per cent lower than the June 2017 quarter.

“Rental listings in the metro area have declined significantly over the last 12 months, with far fewer properties available for rent this year compared to last.

“A key driver for this improvement is the slowdown of new dwelling commencements. With less new properties coming onto the market, existing rental stock is being soaked up faster, putting downward pressure on listing volumes,” Mr Groves said.

Average leasing time

It took 46 days on average to find a tenant in the June quarter, which is two days faster than the March quarter.

“It is also six days faster to lease a property than it was during last year’s June quarter, which is a notable improvement,” Mr Groves said.

“Although leasing activity softened during the June quarter, activity levels remain above long term averages. This, combined with rapidly decreasing listings means tenants are needing to act fa

One moved out and the other moved in!

The house was empty for ONE whole week after my daughter moved out with her hubby, son and the dog and into their new home and took all their belongings with them.

The downstairs room beside the garage was used by my husband as his “man cave” until my daughter moved in and used it to store her boxes and furniture, which reduced the “man cave” area.

Now with them moved out my husband has his space back….? Or so he thought, because while my daughter was packing up and moving out, my son was packing up and moving in!

My husband had his “office” and I had the garage back for all of a week before they took it over.

I’m not complaining though, In fact it is funny and I’m happy to have the house full again and they know they are always welcome.

With 6-8 months of planned travel ahead of them, my son and his girlfriend have decided to pack up their house and see the world again and will be staying with me for 3 weeks before they take off.

First stop on their itinerary is Calgary, via Vancouver for a family wedding then after some time with the family they will head down to the states and road trip to see as much as they can before they head to Nova Scotia for more family time and then to Madrid, Spain and Italy.

At this stage they have planned 4 months in North America and 2 months in Europe before making the trek home via Hong Kong and South East Asia…. What a whirl wind trip huh? Lucky ducks!

We will all miss them though as we have Tuesday night dinners each week with the whole family which we love.

However, thanks to modern technology we have Skype and Facetime to see and talk to them whenever we like.

Are you going anywhere? Or have any tips on places for them (Or Me) to see, please share!

Moving out but not too far and already missing them!

I had my daughter and her family, (husband, son and dog) son and the dog spend almost 3 years in our house.

It was a load of fun, the house once again with the warmth of a family, the laughter of a child growing up from babyhood who is now over 3 years old and so independent!

It kept my husband sane, busy with the little one going for walkies with Kiba the dog, too. Kiba is still with us, until the backyard is gated well at their new place, but I have to say the 3 year old doesn’t shed as much fur!

I had many outings with my grandson showing him off to my friends or going shopping and eating at the shopping centres – he always surprised nearby diners with the amount that he could eat! – he’s growing up so fast! There was always a warning from Mummy: no more toys! He has everything he needs. I splurge now and again though, on a new pair of shorts or socks he picks out himself.

We know they’re not far, only a short drive away. It won’t be the same but we will still be a big part of one another’s lives.

In fact I’m visiting today, I wonder how many boxes they’ve unpacked. Moving house is always chaotic. Especially with young children. This way my daughter can get more things done and I can get in some time with my grandson.
Maybe between ‘3 years in our house’ and ‘It was a load of fun’ put this paragraph:

I have always had an open door policy in my home. So my kids keep coming back! I’ve even had clients wanting to downsize and I’ve told them to hold off. Months later they’ve informed me their children had come home to them too!

The 10 Perth suburbs where tenants are snapping up rentals the fastest

White Gum Valley, Scarborough and Shenton Park are among the 10 Perth suburbs where landlords are finding tenants for their rental properties the fastest.

REIWA President Hayden Groves said while on average it takes Perth landlords 45 days to secure a tenant for their rental, numerous suburbs across the metro area were experiencing faster leasing times.

“In White Gum Valley for example, landlords are finding tenants for their rental properties in approximately 27 days – 18 days faster than the Perth Metro average, while in Scarborough and Shenton Park it takes 28 days and in Pearsall and Leederville 29 days,” Mr Groves said.

Family gathering every Tuesday and Dining out on our Birthdays!

In our family, we make a point of meeting each other for dinner every Tuesday. This way I know I am going to see my children and their partners and family at least once a week. One home-cooked family meal every 7 days. It’s a nice simple tradition.

However on birthdays we make an exception. The birthday person picks the restaurant of their choice and we go out to celebrate on (or near) their birthday. It’s a nice way to sample new restaurants around Perth, but often we just end up at our favourites again.

June 5th is my husband’s birthday. He had been working away but arrived the day before, just in time for us to make a birthday booking. His choice was the Belgian Beer Cafe. It’s his favoutite, for the ambience, the food, and of course – the beer. I am not a beer drinker, but i tried the Cherry Kriek beer which is the most delicious – and does not taste like beer at all!

As we get older, it gets harder and harder to find the right gifts for one another. What do you get the person who has everything they need? We seem to be more interested in finding the funniest cards we can, instead. We all have a good laugh!

Do you have any special family or birthday traditions?

Best time to buy in Perth since 2013

March 2018 quarter has revealed it’s the best time to buy in Perth since 2013.

The Index, released quarterly, assesses whether it’s better to buy or rent in Perth based on past and current trends in the economic and property market climate.

REIWA President Hayden Groves said the March 2018 quarter index showed the annual rate of house price growth required over 10 years to break even in the Buy-Rent Index had declined from 3.3 per cent to 3.1 per cent over the quarter, suggesting an improvement for prospective homebuyers weighing up the decision.

“To put that into perspective, Perth’s annual house price growth rate has been 5.9 per cent for the last 15 years. Based on the March 2018 quarter Index, house prices in Perth would only need to grow by more than 3.1 per cent annually for buying to be considered more financially beneficial than renting,” Mr Groves said.

“This improvement in buying conditions can be attributed to the Perth median house price softening by 1.9 per cent during the March quarter, while the median house rent price increased $5 to $360 per week. We also saw the 10 year average mortgage rate drop to 6.43 per cent, which means home owners are paying less on their mortgage repayments.

“This is the most affordable buying environment we’ve seen in Perth for some time, so if you’ve been weighing up whether to buy, now is the time to take advantage of favourable market conditions,” Mr Groves said.

Mr J-Han Ho, a Property Researcher and Senior Lecturer in the School of Economics and Finance at Curtin University, said the data indicated a continued improvement for the home buyer in the near future.

“Our analysis shows home buyers gaining an advantage, largely due to the low interest rates for home loans, home ownership costs continuing to be affordable and the median rents stabilising,” Mr Ho said.

Saying good bye to a lovely neighbour!

We will all miss you, Rebekah!

Catching up with all of the neighbours in my street at the Angling Club to farewell Rebekah, who is moving out of the house next door to me.

She’s only moving away to a nearby street but I will miss her a lot.

Hopefully she will continue to help me out every Thursday with my Community commitments.

My neighnours are the most caring. Every time someone moves in or leaves, we have a party together.

We also have our angel in the street, Lynnette; organiser of lunches, parties and Christmas do’s.

Today she has planned a lovely lunch at the Angling club in Marmion.

Good bye Rob , Rebekah, family and your gorgeous dogs!

Do you often see your neighbours?

 

Morning Tea Cancer Fund Raising

Well it’s May, which means it’s time again for Australia’s Biggest Morning Tea. Homes, communities and workplaces all coming together to raise funds for Cancer Research and prevention education. In the simplest way possible, morning tea!

The community group I am a part of hosted a breakfast too – nearly 100 women showed up, some with their children and grandchildren, to get together for a chat, a cuppa, some nibbles, and a worthy cause.

Door prizes, raffles, market stalls with home made jams and a collection of plants for sale. And the selection of food was incredible! Home made cakes, dandwiches; pastries and plattets lrovided by our vommunuty club members. The whole hall was decked out with bunting made by some of our ladies as well. I invited my daughter to come with her son, and a friend of mine brought her grandson along for them to play. A fantastic morning had by all.

Did you attend Australia’s Biggest Morning Tea?

A Brunch Fit For a Queen!

I had a welcome this week that was fit for a queen!

My lovely Brazilian friend and very special client Maria Antonia, who I call Cristina, just came back to re-settle in Perth after 7 years living in Doha with her husband Billy.

I arrived at her home in Mullaloo for a mid-morning coffee and the table was set up for the two of us with a beautiful variety of foods; croissant sandwiches with ham and cheese, organic tuna sandwiches, coffee, orange juice, watermelon and the most sophisticated Brazilian cake. I may have to get the recipe from her and give it a go myself some time. Watch this space!

Besides the delicious selection of foods, the table was decorated with the most amazing plate settings – almost too pretty to use! We had a great chat and a catch up, over this terrific brunch. This lady is filled with and great ideas and is so worldly, due to her expended travelling.

I enjoyed my morning with you very much Cristina.

Thank you!

Happy 7 YUK 0 Birthday!

We, the SINers had a fantastic lunch in Mundaring for my friend’ s 70th Birthday.

It was a full-house, with over 25 of our members attending, each with their own special creation, so we ended up with a fantastic collection of savoury and sweet dishes to choose from.

Marion’s property in the hills also has an extensive kitchen garden, which many of the SINers made a point of checking out – aided by my grandson and two chocolate coloured puppies running riot. A few of the ladies went home with goodies from the garden, and one of our ladies even brewed up some lemongrass tea.
Marion made a delicious cake to celebrate which we all enjoyed, and I really cracked up laughing at the writing on top of the cake. My grandson managed to nab a piece too, but his mum caught him before he made it back for a second. He spent most of the time playing with the cats and following Marion’s husband around.

Meeting all the SINers every month is one of the highlights in my life. I have other highlights too which include dinner with my two grown-up children and their family every Tuesday. These monthly lunches give me dinner ideas too, but we never need dinner the night of the SINers meet, because there are always enough leftovers for everyone to take home.

Happy Birthday Marion. You are one of my most dearest friends and we all enjoy your beautiful crafts that you whole heartedly distribute to all of us.

New GST legislation passes for purchasers of new residential

 

  • New GST

NEW

The Federal Government has passed legislation that will require purchasers of new residential property sales to remit the GST directly to the Australian Taxation Office (ATO) as part of settlement.

Announced as part of last year’s Federal Budget, this reform is designed to improve the integrity of GST on property transactions. According to the ATO website, some developers were failing to remit the GST to the ATO despite having claimed GST credits on their construction costs.

The legislation specifies;

  • purchasers of new residential property transactions will be required to withhold 1/11th of the purchase price and pay this to the ATO,
  • the developer will receive a credit for this GST through the normal GST business activity statement lodgement,
  • a reduced withholding tax rate of seven per cent can be used where the margin scheme has been applied,
  • developers will now be required to provide purchasers with information that assists them with determining whether the withholding applies,
  • special transitional provisions are included for project delivery agreements.

This change will take effect on 1 July 2018, however the Government have announced it will introduce a transitional arrangement to this budget measure, which will exclude contracts signed before 1 July 2018, as long as the transaction settles before 1 July 2020.

For more information about this new legislation, visit ato.gov.au.