North vs South of the River

What sales and rentals are doing in both areas...

 

Perthians have long debated between north and south of the river but new stats show homes in the northern suburbs are more sought after.  Sales have fallen 16% in the southern suburbs in the past year, whereas north of the river sales are only down 5%. Paul DiLanzo from REIWA suggests that people internationally and from the east coast are more attracted to the northern suburbs given the range of properties available that are in close proximity to the coast.  One of the worries for all sellers is the number of home on the market. 14,500 homes were listed for sale last week; a 40% jump from this time last year. It’s a buyers’ market and regardless of the area, sellers must now be prepared to reduce the sales price and expect a longer listing period. How does this affect the rental market?  Many properties that aren’t selling are entering the rental market. The vacancy rate is up again from 4.3% last month to 4.5% with 7,500 properties listed for rent this month, up from 5,300 this time last year. Rental prices are continuing to slip as we enter the slower winter months. Now is a great time to invest in property improvements to keep the property attractive and rent returns unchanged.

 

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