How To Get The Latest News On West Australian Real Estate

It was revealed in a recent research that home prices in suburbs near the western city will increase the fastest and inner city home prices will decrease. Whether you are investing, selling or renting a property in the West Australian market, know your rights and responsibilities.  REIWA is designed to inform and educate you on these matters. Through its press release page, you can get the latest news on real estate in the place.

Views from the Real Estate Institute of Western Australia

• The real estate market regularly swings between seller and buyer markets in response to  economic and population conditions.
• About one out of every four households in Western Australia is a rental property, representing approximately 200,000 dwellings.
• The inner suburbs are where most rental properties are located.
• About 60 per cent of tenants live in traditional houses surprisingly.
• The most common age group for renters is between 20 and 34 and most prefer a short lease.
• In Perth, the median rent for accommodation is now $450/week for units, apartments, villas and houses. Some houses alone are higher for around $460/week.
• Rents in Perth have been slowly coming down since 2013.
• First home buyers have been slipping from 1,974 applications in July last year to 1,540 in March.
• Typical stamp duty on a median priced home in Perth is now $20,000. Bracket creep alone has pushed this up by $4,280 over the last five years.
• REIWA calls on the government to have a serious look at broadening the land tax base to all property owners with the view to abolishing stamp duty altogether.

Know more about trends in the property market. Understand what are median prices, median rents, sales volumes, selling days, percentage growth, regional data and much more. The website gives you a lot of information so you can make more informed decisions with regards to buying, selling or leasing property.