Failed football team brings property price bounce
Posted on Wednesday, October 01 2014 at 11:58 AM
Could the solution to lagging home prices be hobbling your city’s major sporting franchise?
Probably
not, but the parallel between a lack of finals fever in Perth and an upswing in
real estate prices has been noted by one commentator.
Data from
the Real Estate Institute of Western Australia (REIWA) shows the metropolitan
median up by almost one per cent to around $544,000 in the three months to
September.
David
Airey, president of REIWA, joked that with no Western Australian team in the
AFL grand final, more people seem to have escaped the television and gone house
hunting.
“Actually,
it’s always the case that September is a slow sales month with Father’s Day,
various sporting finals, the Royal Show and the long weekend interrupting
things.
“Although
there was a pick-up in sales at the end of September, numbers overall for the September
quarter were down by seven per cent on the June quarter and down 15 per cent on
the same time last year.”
Airy says
the Perth market has remained flat most of this year, with the recent rise in
the median reflecting increased activity closer to the CBD.
He also
noted there’s been a softening in activity in outer suburbs.
“This may
be a result of the numbers of first homebuyers slipping away,” he says.
Areas that
saw a pick-up in sales for September included the eastern and western parts of
the City of Stirling, and the cities of Fremantle, Vincent and Melville along
with the Town of Kwinana.
The rental
market remains subdued as well with the vacancy rate at four per cent and a
general softening in rents since June.
“Typical rents for houses have dropped $10
over the last three months to $450 per week, while rents generally for units
and villas have dropped by around $15 since June to about $430 per week,” Airey
says.
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