Phil's Property Corner
December Market Update
Thank you for your continued support as a referral partner with Candour Property Group. I hope you all have a great Christmas and New Year!
I have included my Monthly Market Update below.
The median sale price for Perth increased by 1.6% to $518,000 in November, with listings increasing again over the month. REIWA’s November market update can be found here.
Rental listings were steady, up slightly but still below 7,000. The rental vacancy rate however plunged even further, down to 3.3%, well into the range that most experts predict will start driving rental yield increases.
The numbers are aligning well for an increase in investor activity, a recent article by news.com.au explores the various factors very well, you can find it here. Rental vacancy rates are continuing their rapid decrease off the back of increased population growth with experts predicting this to accelerate in years to come. The Sydney and Melbourne markets are decreasing which is driving increased interest in the Perth property market. Whilst the property sales market is steady at the moment there are good signs for a strong summer sales period.
We’ve finally seen some acknowledgement from federal politics that the next mining boom in Lithium can be handled far better than the previous one. They have received results from a commissioned report acknowledging that Australia has the third-largest reserves of lithium in the world, with our mineral reserves covering 90% of the elements required to produce lithium-ion batteries but earns just 0.53 per cent of the ultimate value of the exported ore. Trade Minister Simon Birmingham has said “now is the time to accelerate the development of a high-tech lithium manufacturing sector in our own backyard.” Federal Labor has promised that if elected they would “supercharge” Australia’s battery metal manufacturing industry to support manufacturing jobs and a clean energy future. Great to see both sides of federal politics recognising the opportunity. You can see the article here.
This market continues to produce a unique opportunity, with WA home constructions falling to lowest levels since records began three decades ago (with many saying the lowest level in far longer than that). You can find a PerthNow article on that here. Builders are hungrier for business than they’ve been in a very long time and by having the right team working for you you’ll be able to take maximum advantage of this. We are continuing to get incredible deals from builders, so if you or anyone you know are in the market to build a house to live in or as an investment we’ll do the negotiating on your behalf and present you with the best deals available on the market. We then manage the build from start to finish, ensuring you get exactly what you want without the stress.
If you’d like to know more the next step is to chat with Phil Bertram. There is no obligation to proceed any further than you’re comfortable with and he doesn’t charge for his time.
To arrange for him to call you please email him with your name and contact number on email@example.com and he’ll be in touch. Or call him directly on 0477 228 803.
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You can find all previous Market Updates here.