Archive for Real Estate Agent

House sales increase significantly in Pilbara region

2018

There was a significant increase in house sales in the Pilbara region during the June 2018 quarter.
REIWA President Hayden Groves said reiwa.com data showed sales activity had increased a significant 24.7 per cent in Karratha and 16.1 per cent in Port Hedland.

“Sales were also up on an annual basis, with activity in Karratha increasing 41.2 per cent between the June 2017 and 2018 quarters and 5.2 per cent in Port Hedland,” Mr Groves said.

This increase in sales has put downward pressure on listing levels, with reiwa.com data showing there were 27.4 per cent fewer properties for sale in Karratha compared to the June 2017 quarter and 32.3 per cent fewer in Port Hedland.

“With sales activity increasing significantly this quarter, listing stock in the Pilbara region is now being absorbed at such a rate that there’s genuine competition amongst buyers for quality properties,” Mr Groves said.

reiwa.com data also shows house prices in Karratha and Port Hedland have stabilised.

“Karratha’s median house price should settle at $315,000 for the June 2018 quarter, while Port Hedland’s median house price should come in at $205,000. Both median house prices have held up well over the last year, with little change recorded in either price,” Mr Groves said.

“It’s no secret the Pilbara region’s housing market was greatly affected by the WA market downturn. However, the June 2018 quarter results are very encouraging and indicate the Pilbara region is finding its feet again.

“The Pilbara region is one to watch over the next 12 months. The announcement of three new mining projects in the region by BHP, Rio Tinto and FMG has gone a long way to restoring confidence in the area. These new projects are expected to create 20,000 local jobs in the 2018-19 financial year, which will support population growth in the region and improve demand for housing in the area

Landlords vital in the fight against homelessness

Homelessness remains a problem in WA and there is much to be done to help our fellow West Australians affected by this.
National Homelessness Week kicks off on Monday 6 August, with this year’s campaign reminding Australians ‘there’s always something you can do’.

As part of the campaign, Shelter WA will be running a series of events in the metro area to raise awareness of homelessness across the state. Landlords Making A Difference is one of these events (details available at shelterwa.org.au), with WA landlords invited to attend to hear from government, industry and not-for-profit sector speakers about the actions they can take – small and large – to help in the fight against homelessness.

WA needs more diverse rental housing

The private rental market plays a vital role in helping to provide safe, affordable and accessible housing. Recently, REIWA met with Shelter WA to discuss our shared priorities of delivering a more diverse range of rental properties to accommodate WA’s changing housing needs.

Currently, the WA rental market does not adequately cater to those most at risk of homelessness, with Anglicare WA’s 2018 Rental Affordability Snapshot highlighting this issue. The snapshot found less than a quarter of rental properties in Perth are affordable for families where one parent is earning the minimum wage and the other is caring for small children, while even fewer properties are affordable to those who receive a pension or other forms of income support.

While these big, systemic issues can feel beyond the scope of any individual, there are still plenty of things landlords can do to make a difference. For example, allowing pets in the home can make a big difference to someone who is fleeing family violence and looking for a new place to rent, but is fearful of leaving their pet behind.

Victims of family violence at risk

Family violence is a key contributor to homelessness. Victims of family violence suffer significant hardships when they are forced to leave a rental home. They are at risk of homelessness, loss of employment opportunities and disruption to their children’s education. They also frequently carry the financial burden when a tenancy ends, such as paying unpaid bills they are not wholly responsible for.

Supporting these victims is just one way landlords can make a difference. REIWA recognises the role our industry plays and we are supportive of the Government’s efforts to amend the Residential Tenancies Act to better assist victims of family violence. We have been working with the Government to ensure appropriate safeguards are in place to maintain a supportive environment for property investment, while ensuring victims have better protection within the context of a residential setting.

We all have a part to play in helping those who struggle to find appropriate housing opportunities. I encourage everyone to look at the small ways they can help make a big difference to those sleeping rough on our streets this Homelessness Week.

Support WA’s homeless

If you’d like to help out those sleeping rough on our streets, please consider donating.

By doing so, you’ll be helping REIWA’s Community REInvestpartner, The Salvation Army, provide much-needed services to those in need such as meals, accommodation and crisis counselling.

Donate now

313 West Coast Drive, Trigg is for sale!

Asking price is $5.500,000

 

Why would you want to live anywhere else? This beautifully designed masterpiece combines location with luxury and boasts spectacular, uninterrupted ocean views.

Ray White is proud to be the listing agent of 313 West Coast Drive.

Finished to the highest of quality, this Webb and Brown Neaves built home creates a perfect balance between indoor and outdoor living. Featuring five bedrooms, four bathrooms and two double garages, you will be only meters from the crystal blue waters of the Indian Ocean.

With a scullery, built in coffee machine, integrated floor to ceiling fridge, granite bench tops and mesmerising ocean views, the kitchen really is the star of the home.

The light and bright open-plan family/dining and kitchen area flows seamlessly with the expansive balcony to create the ideal vibe for entertaining. Impress your guests with stunning 180-degree sunset views while enjoying a glass of bubbles.

The west-facing master suite is located on the third storey and offers holiday-style luxury in the comfort of your own home. The four minor bedrooms are all double in size and offer either walk-in or built-in robes, two of which also have ensuites.

Outside continues to impress, the large alfresco entertaining area features an outdoor kitchenette complete with a mini-fridge, sink and BBQ. Listen to the beats from your built-in surround sound system and enjoy the hot summer days in your very own sparkling below-ground pool and spa.

It doesn’t end there, other features include:

  • Smart home with tablet controls
  • Ducted reverse-cycle air-conditioning throughout
  • Central vacuum System
  • Security alarm
  • Separate theatre room
  • Electric window shades
  • 2 x 500 litre underground water tanks
  • Solar panels
  • High ceilings
  • Italian travertine tiles throughout
  • Parking for 7 cars

 

Located on arguably Perth’s best coastal café strip, you will have it all in arms reach from your spectacular Trigg home. Relish in a location that offers it all.

Words do not do this home justice, you need to see to believe!

View by appointment only, call Alycce on 0416 188 752.

 

 

 

Ocean front in Trigg for sale

Webb & Brown Neaves 3 storey high with an elevator for sale for the first time.
625m2 of building including 4 car garage.
5 large bedrooms, 4 bathrooms, study, home office, theater, fabulous kitchen with all the toys and technology of today’s modern existence.
Swimming pool
Pictures arrebentar than a thousand words.
Call to view
Price tag: $5.5
Everything you dream off!
Call to view!

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

House sales down in June, but 31 Perth suburbs buck trend

reiwa.com data shows Perth house sales were down in June, but 31 suburbs across the metro area defied this trend to record more sales in June than they did in May.

REIWA President Hayden Groves said a further eight suburbs also saw sales volumes stabilise over the month.

“While house sales activity in Perth decreased in June this is not unexpected with the onset of winter, but our analysis also shows a substantial number of suburbs saw sales volumes improve during the month.

“Duncraig, Mosman Park, Waikiki, Dayton and Palmyra were the five best performing suburbs, with each recording significant improvements in the number of houses sold between May and June.

“Other suburbs to perform well were Butler, Kelmscott, Tapping, Baldivis and Joondalup, which rounded out the top 10 in terms of sales volume,” Mr Groves said.

reiwa.com data shows eight of the 10 best performing suburbs in June had median house prices below $550,000, which were traditionally areas with a lot of first home buyer activity.

“Mosman Park was the only million dollar suburb to make the top 10 in June, with sales volumes in the suburb lifting back to normal levels in June after declining in May,” Mr Groves said.

“Perth continues to present good opportunities for buyers, especially in the more affordable end of the market.

“The latest reiwa.com data suggests suburbs in the $550,000 and below price bracket are seeing healthy activity levels, with first home buyers taking advantage of the conditions to secure their first property before prices inevitably rise again.

“In terms of the overall market, REIWA expects house sales activity to remain moderate in Perth throughout winter, with improvements expected during spring.”
info@reiwa.com.au

REIWA information!

You can now add a reiwa.comXtend campaign to your listing and the feedback from our members has been positive!

reiwa.com Xtend offers a new way of advertising in which you can add a re-marketing campaign to your listing. It will automatically create a range of adverts of your listing which will appear across thousands of different sites, getting your property back in front of people who are actively searching in your area.

How does it work?

  • Create
    We’ll create free banner ads for you based on your reiwa.com listing. If you change any information such as price, this will automatically change on the advert.
  • Match
    We’ll match your property to people who have already searched for a similar property type, price, suburb and/or local area (including surrounding suburbs)
  • Display
    We’ll follow property seekers wherever they go online and drive traffic back to your property on reiwa.com, so you can get the most out of your investment.

How do I purchase Xtend for my listing?

To purchase a reiwa.com Xtend campaign simply, add a reiwa.com Xtend package to your listing via the Manage Listings on the REIWA members’ site. When you add a new listing or choose to update an existing listing, you will see a new reiwa.com Xtend tab in Listing Wizard. Watch this quick tutorial to see how easy it is!

Your listing must be active and published on reiwa.com for the campaign to work, so make sure you check your listing expiration date. We even send a weekly email of any listings that are due to expire so keep an eye on your inbox.

More information

For more information, visit the reiwa.com Xtend page.

If you have any questions about reiwa.com Xtend, please contact your REIWA Member Engagement Team on 9380 8288 or email member.engagement@reiwa.com.au

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.

What condition should the property be in at settlement?

One of the most widely misunderstood elements of real estate is what condition a property should be in at settlement or possession.

What does ‘buying as inspected’ really mean?

In short, a property is sold “as inspected”. If there was dust on a ceiling fan when you first inspected before contracting to buy then the fan can be dusty at settlement. The same goes for a dirty oven, a blown light globe or a squeaky laundry door. If it was dirty, blown or squeaky at inspection before purchase then so it should be at settlement.

Buyers will typically expect that the property is handed over to them spick n’ span and thankfully most house-proud sellers leave their homes in an appropriate condition when moving out, however legally there is no obligation for them to do so.

What should you expect at settlement?

If you’re buying a home, it’s smart to have a realistic expectation of what to expect at settlement.

Unless otherwise specified in the contract, the seller is under no obligation to have the property professionally cleaned for settlement and it is surprising how few buyers ask that such a condition be included.

The seller’s only obligation under the contract (Clause 6.1(b) 2 of the General Conditions) is to “…remove from the Property, before possession, all vehicles, rubbish and chattels, other than the Property Chattels.”

Many modern contracts to purchase include provision for essential plumbing, gas and electrical components to be working at settlement. Hence, if at settlement the toilet cistern leaks then the seller ought to make good because the contract says so.

It is trickier when, for example, a telephone jack doesn’t work at settlement. It is not strictly electrical but it is probably reasonable for a buyer to assume that it was functioning at inspection. This is partly because, caveat emptor (buyer beware) has all but disappeared according to some legal practitioners. The onus is probably on the seller to disclose (in this case) that the telephone jack didn’t work.

How to ensure you’re happy with the property at settlement

My view is that buyers need to take reasonable steps to ensure the property they have bought will be presented to them in a condition they are satisfied with.

This can be achieved by either contracting with the seller to guarantee it and/or being more thorough when inspecting the property in the first instance. Ask the agent if it’s ok to turn on taps, flush loos, flick switches, open and close doors, open the oven, turn on the dishwasher and so on before making an offer to purchase.

Buyers ought to have a realistic expectation of what to expect at settlement when buying an established home and acknowledge that opinions of presentation are subjective.

If you’re unsure about what to expect, it’s a good idea to speak with the agent selling the property about your concerns.

info@reiwa.com.au

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.

Real Facts. Pictures worth a thousand words.

Member Real Facts 22 May 2018 Sales activity experienced stability over the week, with REIWA members reporting no change in weekly sales at 538.

The overall steadiness in weekly sales is attributed to a seven per cent rise in house sales, a four per cent fall in unit sales, and a 34 per cent fall in vacant land sales over 1th2 e week. 2 3 PROPERTY SALES TOP SELLING SUBURBS

Total properties listed for sale grew over week to 14,896. Listings for houses and units both remained stable.

Whilst listings for vacant HOUSES 418 North of the River
Morley 9 land increased by four per cent. UNITS 72 Bayswater 7

The total number of listings recorded this week are on par with levels seen four weeks ago, but are one per cent lower than levels seen a year ago.

LAND 48 Member Real Facts 22 May 2018 Turning to the rental market, REIWA members reported total properties available for rent fell to 8,324 over the week.