Perth, Au — March 16, 2015 — Perth has been seeing an increase in the percentage of the houses that are available for rent. Although most of the time, increases are a good thing. This time though, it may not be. If there is an increase in the houses that are available, it may only mean two things: One is that the number of houses being built is at an increasing pace which is good. But there is also the likeliness that the reason for the increase is due to the lack of potential renters or buyers which is relatively bad.
In this case though, it is the latter.
The turnover rate went down to 16% with only 1,870 that were reportedly sold last year. February has met with an improvement as the sales went by 12% higher than the average and is considered a better performance than the disappointing festive season.
In January, the sales went down to 15% and all this put together means that the market has entered into a slowing state and it has become so obvious even during the seasonal summer when sales were expected to be much stronger and higher.
The listings for the properties have increased in February with about 13, 456 properties that are available for purchase. For potential buyers, however, they would have to come to the properties themselves to see if the property value is worth the price since the properties themselves have already been built. They could also go to Perth display homes that many home builders have to help make a better and convincing business.
The rental market is the only thing that didn’t seem to change. In fact, the only change it had in February was the City of Belmont where the where the median rents lifted $20 to $450 a week.
The median rent for Perth did not change, fortunately, with a vacancy rate of 4% and only $440 a week.
But when it would be compared to the same time as last year, you would notice a 30% change in the number of rental homes available. This year, there are now $6,251 rental homes that are waiting to be rented out.