Phil's Property Corner - Good signs for Perth property

November 13, 2018 by Rebecca Crommelin

On the blog this month, Phil Bertram, the owner of Candour Property Group, brings you another instalment of Phil's Property Corner. Phil breaks down the latest Perth property & economy updates, as well as how you can save BIG on your next build. Keep reading to find out..

Perth’s median sale price increased by 1% to $510,000 in the month of October, with listings increasing again from September. This was an expected trend as the Spring sales period kicks off. You can find REIWA’s October market update here.

Rental listings are still on the downward trend, below 7,000 for the first time since 2015. For the rental vacancy rate it’s even better news, down to 3.9% for the first time in 4 years. The median rental price has not moved from $350 per week, however a number of agents report far higher interest in rentals, with some renting out for more than the asking price. With the rental vacancy rate continuing to trend down the expectation is that the median rental will begin to increase over the coming months.

The western suburbs of Perth are leading the way in the Perth market recovery, with trade-up buyers taking advantage of the most affordable prices in a generation. The West Australian has written an article that includes an interesting interview with Damien Collins, the President of REIWA, which you can find here. This article also points out that we have had solid growth in home loan approvals over the last 2 months, with WA being the most improved state with loan approvals increasing by 7% over this time.

More good news for WA jobs has come through this month too, with a $1 billion Lithium process plant north-east of Bunbury getting environmental approval. Aside from creating jobs it is also a very positive step towards WA not only leading the world in the mining of lithium, but also in refining it into the far more valuable lithium hydroxide.  Australian Mining has a good article on it that you can find here.

In the last few weeks we’ve had quite a few clients approach us to see if we can build their home cheaper than the quote they had received from another builder. We have been able to save them significant amounts, with one quoted $270,000 – our price $220,000; one quoted $500,000 – we’ll be around $390,000; another quoted $260,000 – with our price $205,000. Candour’s Building Liaison service involves approaching several builders on your behalf and coming back to you with the most competitive options. We negotiate directly with the owners of the building companies so that there aren’t any salespeople involved in the process, this ensures you get a straight answer, a fixed price contract and are fully aware of which inclusions are in the contract.  If you or anyone you know is looking to build we’d love to have a look at any build and see if we can save you stress and money. 

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. All strategies are implemented in tandem with your Mortgage Choice Mortgage Broker.

To arrange for him to call you please email him with your name and contact number on phil@candourproperty.com.au and he’ll be in touch.