Thursday, October 17, 2013

Perth Housing Market Update - October 2013

The housing market in Perth seems to have hit the brakes after capital gains were nation-leading earlier in the year. Despite a month-on-month fall into running values every September, Perth values are still trending higher but at dramatically reduce rate of growth compared with early 2013. The Perth housing market bottomed out much earlier than most other capital cities with values finding a low point in October 2011. Since this time though is a ten point nine percent higher than the trough. Rental growth accross Perth has slowed as well with annual grow now just below five percent and over the September quater Perth trends have actually move lower.

Perth Key Statistics

Change in dwelling values
Three months 1.3%
Twelve months 7.6%
From peak -0.3%

Median prices (based on sales over past three months)
Median dwelling price $493,500
Median house price $505,000
Median unit price $420,000

Rental rates and yields
Weekly rent, houses $508
Gross rental yield, houses 4.4%
Weekly rent, units $449 Gross rental yield, units 4.8%

Selling time and discounting
Time on market, September 2013 45
Time on Market, September 2012 62
Vendor discount, September 2013 -4.7%
Vendor discount, September 2012 -6.0%

Data provided by RPData.

Stamp duty changes in WA

New First Home Owner Grant (FHOG) arrangements took effect on 25 September 2013. First Home Owner Grant for new homes increased from $7000 to $10000. For established properties FHOG was reduced to $3000. Use stamp duty calculator WA to calculate your stamp duty and FHOG after this change.