WA Perth market 2020

I would say getting even tighter in the areas I'm seeing.

 

Massively popular budget point and nothing is lasting in that range unfortunately.

 

I think the numbers for most things are going to be a little weird from mid Nov through to Christmas. People who manage their rental renewal dates will try and never have one fall in December so there might be an increase in November and January because of that.
Same with Sales listings everyone will want to list so that they can have finance squared away by Christmas then settle early/mid Jan so we might not see much new listings over the next few weeks and sales transactions will go back down.

 

Handy gain of 1.1% in November for Perth, recovery is accelerating by the looks of it, I think we might see listings for sale drop under 10,000 by end of December. These conditions are very similar to what we had in late 2012, let’s hope next two years can repeat what happened in 2013/14.

 

Surely not any time soon, especially when rentals start running dry in certain suburbs.
Eg. https://www.realestate.com.au/rent/...activeSort=list-date&includeSurrounding=false

 

2013/14 was a blip in the ocean compared to what’s happening now. Articles reporting it’s the fastest sales rate in 14 years which puts it back at 2002-2007 range.

 

Another article showing Perth boom. Looks like more people will come after border is opened.

https://www.watoday.com.au/national...-wa-s-hot-housing-market-20201201-p56jm9.html

 

I think a big part of increased interstate migration to WA now and in the near future is down to some companies creating policies to require staff to be based in WA. Hopefully families and friends follow once they visit on holidays and see how great WA is

https://www.watoday.com.au/national...nterstate-fifo-workforce-20201201-p56jmr.html

On Tuesday, the company announced it would require Northern Territory and WA offshore workforces to move to those states by 2023.

Inpex joins the likes of Rio Tinto, BHP and Woodside, which have all tinkered with their recruitment policies to require all or most of their WA-based workforces to live in WA.

 

Calling @JL1 . I know you're probably busy but would be good to hear how your data collection is going

 

Now that market has turned, I am looking at buying outer suburbs with potential for subdivision. Northern and Eastern, budget up to 450k.
Any ideas?

 

He’s right that a lack of infill is a problem as is the majority of new housing contributing to the longstanding, problematic sprawl of the metro area. The Government could do more about this but chooses not to for the reasons Trent mentions and others.

But giving money to people to buy established will do nothing to help renters or anyone else but the owners of those properties. It doesn’t produce any new supply and will merely inflate the prices of those properties. Which is why the State Government did away with them in the first place.

The government incentives already in place apply to infill too. Trouble is people would rather buy a house than a unit and will continue to do so until the difference in price between newly built units and established houses reaches a point that demand starts tipping towards the new builds.

The investors will be back soon and so to, hopefully, business cases for a lot more infill development.

 

"As of November 30, the state government had received 4369 applications for the $20,000 state grant and there were 3301 applications for the $25,000 federal grant, which had so far paid out almost $20 million."

I actually would have expected far more applications by this time, considering that applications for the state grant close in less than a month. Presumably every single person committing to a house build between June and now would have or is intending to submit an application, and considering building approvals for WA are typically around 20,000 per year it's not looking like the transformative shot in the arm to housing supply everybody thought it would be?
Maybe there really is nothing to stop the red hot Perth sales & rental market for the foreseeable future...

 

There are also owners returning from overseas having lost jobs, who were renting out their Perth house, and now “reclaiming” that rental for themselves.

 

I think a modest FHB grant for established property should exist as a matter of fairness.

It would make more sense to have the FHB grant cover all property types (let's say $7K), but apply a higher $15K FHB grant for new builds in urban infill areas. Take away the incentive to build new stock in outer greenfield areas where it is not needed, as this is what the current grant structure is doing.

 

Sorry for the delay! This was in Innaloo.

 

Hi guys, does anyone have a good contact for a conveyancer and building/pest inspector based on Perth?

 

I used these guys for pest inspection when we bought our place. Got two through him, both agents said most comprehensive building reports they've seen. Super punctual too and quick turn around of the report so you can make a decision easily and quickly.
Building Inspections Perth - ProConsult. Report in 24 hours.

 

Building inspection : Building Inspections Perth | Cap-It-All Building Inspections

 

Louis Christopher of SQM (one of the least-worst property forecasters) has released his predictions for 2021. Perth is tipped for up to 15% price growth next year and is expected to outperform all other capitals in most scenarios.
http://www.sqmresearch.com.au/03.12.20 Housing Boom and bust report 2021 - out now.pdf
Give it a couple of months and jealous east coasters will be back to proposing new resource taxes, rolling back GST reform, etc to capitalise on WA's return to relative prosperity.