REIWA executive manager of research, Stewart Darby, said while there might still be a spring pick-up, there had now been a drop in the number of sales in Perth in every quarter since March 2013.
Sloppy.
Old news Perthite.
Sales are back up again.
Jimbo
18 Oct 2014, 10:54 AM
10% in two weeks?
Well sales are up 7%, so it could well be about the 10% mark. Lets wait and see what happens over the next few weeks.
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
Well sales are up 7%, so it could well be about the 10% mark. Lets wait and see what happens over the next few weeks.
This is stock on the market for sale (in other words, after you deduct the 7% of increased sales).
If you look at the REIWA data you posted earlier, this time last year there were 11.54 properties listed for every property sold.
To the week ending 15th October it was 13.46 properties listed for every property sold.
That is an increase of 16.64% in the supply/demand ratio and this is with sales up by 7% on a year ago.
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
You are not being entirely accurate about the rental rate performances in locations.. Yes some inner city properties copped rental rate decreases, but that's not the only areas, it did include Northern coastal suburbs when some rents did drop as much as $100 according to 1 of my pm who rents out props in the area.
Exec homes did cop a bollicking also.
However,
I don't anticipate any further rental rate decreases, but the rents ATM is staying as is ....for now.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
It is the total number of sales listings for the Greater Perth region on realestate.com.au
I snapshot it every Saturday morning. After being pretty stable for a few months, here is what has happened over the last three weeks.
4th October 12936
11th October 13634
18th October 14195
That's up by almost 10% in two weeks. I know you will come out and say that some of these places will have sold and agents haven't taken them off, but, swings and roundabouts aside, 10% in two weeks is still a pretty big climb.
That is at 15.74% increase in land prices in 9 months. This does not even factor in the increase demand for land and construction since July due to changes in the FHBG.
Why would land prices rise so much, when you are trying to tell everyone the market is falling when no data indice supports your claim.
If mining is such a drag on the economy and the price of Iron Ore why is this happening, do you actually understand the market, if so why do you get it so wrong?
REIWA executive manager of research, Stewart Darby, said while there might still be a spring pick-up, there had now been a drop in the number of sales in Perth in every quarter since March 2013.
Sloppy.
March quarter 2013 - 6,838 Price increase 2.0%
June quarter 2013 - 6,646 Price increase 2.9%
September quarter 2013 - 6,355 Price increase 0.1%
December quarter 2013 - 6,292 Price increase 2.9%
March quarter 2014 - 6,395 Price increase 0.8%
June quarter 2014 - 5,862 Price increase -0.2%
Steward Darby needs to do his homework better, there has not been a decrease in every quarter since March 2013, sales increased from the March quarter 2014 from December quarter 2013.
What you also need to look at is sales volumes over the past 5 years in the June quarter to get a real comparison on activity.
June quarter 2010 - 4,929
June quarter 2011 - 4,304
June quarter 2012 - 5,418
June quarter 2013 - 6,646
June quarter 2014 - 5,862
So as you can see this years June quarter is the 2nd highest in the past 5 years in terms of sales volume. So while the quarter was not as strong as last year, it was certainly much strong then most pervious quarters for the same time period.
The other factor which affect the price growth in the June quarter was a surge in sales to FHB in the first half of the year.
This is also why land prices are rising quickly as I stated months ago, upgraders have moved into the market and are buying up expensive blocks. So although lower sales volumes higher quality homes and land is being sold at present. This is what will drive prices over the next months as this trend is continuing as we speak and FHB numbers have dropped away a little. As FHB numbers decrease upgraders are increasing which results in higher sales of more expensive property. This is why you will see price growth over the coming 6 months, which is already being reflected in multiple data indices showing a bounce of 2% in property prices in the last 8 weeks.
You are not being entirely accurate about the rental rate performances in locations.. Yes some inner city properties copped rental rate decreases, but that's not the only areas, it did include Northern coastal suburbs when some rents did drop as much as $100 according to 1 of my pm who rents out props in the area.
Exec homes did cop a bollicking also.
However,
I don't anticipate any further rental rate decreases, but the rents ATM is staying as is ....for now.
I know, sorry don't have time to be to specific.
Noticeable pick up in activity since early September, even in the rental market. Rentals are leasing at 40% higher volumes now then in the same time period in 2013. Been like that for awhile now.
902 rented this compared to 618 for the same week last year. Anyone can go back and look at data over the previous few months and will find similar results in nearly every week. That's a lot of rentals being leased each week, which runs counter to the bears comments that investors are struggling. I don't see it.
That is at 15.74% increase in land prices in 9 months. This does not even factor in the increase demand for land and construction since July due to changes in the FHBG.
Why would land prices rise so much, when you are trying to tell everyone the market is falling when no data indice supports your claim.
If mining is such a drag on the economy and the price of Iron Ore why is this happening, do you actually understand the market, if so why do you get it so wrong?
March quarter 2013 - 6,838 Price increase 2.0%
June quarter 2013 - 6,646 Price increase 2.9%
September quarter 2013 - 6,355 Price increase 0.1%
December quarter 2013 - 6,292 Price increase 2.9%
March quarter 2014 - 6,395 Price increase 0.8%
June quarter 2014 - 5,862 Price increase -0.2%
Steward Darby needs to do his homework better, there has not been a decrease in every quarter since March 2013, sales increased from the March quarter 2014 from December quarter 2013.
What you also need to look at is sales volumes over the past 5 years in the June quarter to get a real comparison on activity.
June quarter 2010 - 4,929
June quarter 2011 - 4,304
June quarter 2012 - 5,418
June quarter 2013 - 6,646
June quarter 2014 - 5,862
So as you can see this years June quarter is the 2nd highest in the past 5 years in terms of sales volume. So while the quarter was not as strong as last year, it was certainly much strong then most pervious quarters for the same time period.
The other factor which affect the price growth in the June quarter was a surge in sales to FHB in the first half of the year.
This is also why land prices are rising quickly as I stated months ago, upgraders have moved into the market and are buying up expensive blocks. So although lower sales volumes higher quality homes and land is being sold at present. This is what will drive prices over the next months as this trend is continuing as we speak and FHB numbers have dropped away a little. As FHB numbers decrease upgraders are increasing which results in higher sales of more expensive property. This is why you will see price growth over the coming 6 months, which is already being reflected in multiple data indices showing a bounce of 2% in property prices in the last 8 weeks.
Noticeable pick up in activity since early September, even in the rental market. Rentals are leasing at 40% higher volumes now then in the same time period in 2013. Been like that for awhile now.
902 rented this compared to 618 for the same week last year. Anyone can go back and look at data over the previous few months and will find similar results in nearly every week. That's a lot of rentals being leased each week, which runs counter to the bears comments that investors are struggling. I don't see it.
Why can't you just acknowledge rentals are off right now (they may not be forever)? Why the need for putting a positive spin on everything RE? Just asking, is it your personality that can't show signs of weakness, or is it your RE to the moon mentality. Blondie has this to a degree, but does acknowledge what's out there today, you don't.
Why cant Perthite acknowledge that this dip is trivial when offset against recent rises in Perths rents and only an idiot would claim this is vindication for not buying for the last 7 years ?
Why cant Perthite acknowledge that this dip is trivial when offset against recent rises in Perths rents and only an idiot would claim this is vindication for not buying for the last 7 years ?
Don't move this back to a historical argument BP, and prices haven't moved that much in the last seven years. If you want to argue when people should have bought, start with 2000. 2007 (i.e. 7 years later, and your start figure) is when the market peaked.
I don't know Perthite, but as I see, he acknowledges prices may go up (if I'm wrong Perthite tell me), Mike, and you to add, can't comprehend that they can and may down. They may not move for the next decade, can you at least confirm that. This will be the litmus test of both of your fanaticism.
Do you BP, and Mike if you are reading this, confirm that prices may not move for the next decade. If you cannot, this shows my point. I am not in the bull or bear camp, and if I move back to Perth will likely buy something to reside my family in.
I'm signing a contract tomorrow to buy a rental unit (not in WA), and main reason is great rent, gov't guaranteed for 10 years. I am not expecting much capital gains in the next decade, but if it goes up 20% in 2024 that would be awesome. The old days of property doubling every 7-10 years may have worked in the past (although this was officially and utterly killed after stupid capital growth up to 2007 in Perth especially).
Buy a home to live in, and grow equity by paying it off. This is how Joe Public worked until the late 90's, then they were introduced to investments property and property lending to the masses, and now we bear the fruit of what they have done.
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