2020 Showing Signs of Being the Property Market ‘Rebound Year’!
The property market in 2020 has begun with a healthy flourish to the point that we’re seeing definite signs of recovery after the 5 years of decline.
We are firmly convinced that 2020 is ‘rebound year’.
The Real Estate Institute of WA has reported that W.A. has had three consecutive months with property values making gradual moves upwards.
Meanwhile the rental market continues to be buoyant.
For us, it has been an excellent start to the year.
We’ve successfully leased 22 properties and taken on board 12 new managements that have mainly come to us as a result of clients referring others to us.
It’s something we greatly appreciate as we’re doing our best to be a ‘stand-out’ agency.
According to rentfind.com.au the average length of time that a rental property under our management is remaining vacant is 9.8 days compared to 22.1 days - the average vacancy time across Perth for other agents.
With respect to 2020 being the year for market recovery, it is interesting to note that the Perth house median weekly rent is $380 - up 5.6% over the past year. The unit/apartment median weekly rent – is $350 - up 6.1%.
As at the end of January, the Perth vacancy rate was just 2.4% and the number of properties for rent had decreased by 13% over the past year.
With rents increasing, especially in sought after localities, we expect to see a trend of more renters making the move to buying a home - particularly as the low interest rates on offer are a great enticement.
This, coupled with an influx of people moving to the state with the surge of work on offer, will result in house prices easing their way upwards.
Right now, if you’re a prospective property purchaser we would strongly urge you to make your move very soon because prices are definitely easing their way upwards (some suburbs more than others) – so in other words; if you snooze you will certainly lose.
According to REIWA one in three suburbs recorded notable improvements in sales, so it is definitely happening.
It is also a very good time to upgrade before the next home you wish to purchase increases in value.
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