Nationally, gross rental yields fell to a record low in November of 3.2% according to CoreLogic’s monthly data report. However, Perth continued to buck this trend, maintaining a 4.4% yield for November. In fact, Perth is the only capital city to not experience a decline in rental yields between September and November. Even Darwin saw yields decline from 6.2% in September to 6.1% in November. Perth, however, saw yields rise from 4.3% in September to 4.4% in November.
Perth housing values increased 0.2% in November, bringing the total increase in housing values over the past 12 months to 14.5%.
Perth property sales also heated up in November, with REIWA data showing a 7% increase in the number of properties for sale compared to October. This is good news, because Perth’s high rental yields, low vacancy rates and steady housing value growth is continuing to attract investors to the market.
Despite the increase in the number of properties for sale, houses are selling one day faster than in October, with the average selling time in November just 14 days. In comparison, the average time to sell a property the same time last year was 22 days.
Whilst the increased number of properties on the market is good news for buyers, they still need to act quickly with their best offer in order to secure a property. Having a buyers agent provide expert advice has enabled numerous clients of Resolve Property Solutions to successfully reach their property goals in this competitive market.
Perth Suburbs Moving Up
Spearwood made the top five list of suburbs with the largest increase in average house values for the third time this year for the month of November. Having experienced a 3.3% increase in July and a 3.4% increase in September, in November Spearwood ranked forth among the top five, going up another 2.9% to $525,000.
Kingsley also ranked in the top five for the second time this year. In July it had a 3.1% increase, and for November it ranked third place with a 3% rise $655,000.
The top performers for November were Willagee, which grew 4% to $625,000 and Golden Bay, which rose 3.8% $395,000. East Victoria Park rounded off the top five list with a 2.9% increase to $700,000. North Perth, Wembley Downs, and Willetton also performed well throughout the month.
Outlook for Perth
According to REIWA, the Western Australian property market is firmly in recovery. The institute is forecasting Perth house prices to increase by 10% in 2022, and that is on top of the 14% price growth the market experienced in 2021.
Despite the strong growth recorded in 2021, Western Australia is the most affordable state in the country for housing.
As we prepare to say goodbye to 2021, all of us at Resolve Property Solutions would like to take the opportunity to wish you and yours a very merry Christmas and best wishes for the holidays. Stay safe and happy holidays.
At Resolve Property Solutions, we are working with our clients to gain access to as many suitable properties as possible. As well as sourcing properties which meet our clients brief, we also search for off-market opportunities where possible to provide more options, and always ensure they are buying the right property at the right price.
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help your search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.