The ‘REIWA Information Service’ is a valuable tool for West Aussies

 

By Hayden Groves – REIWA President       https://reiwa.com.au/

Real estate transactions are complex. For many Western Australians, it can be a challenge to determine their individual rights and responsibilities when it comes to dealing with property issues.

REIWA launched a public information service in 1992 to assist buyers, sellers, tenants and landlords to navigate their property journeys. This valuable service allows members of the WA public dealing with a REIWA agent to find answers to their queries and concerns.

Last financial year more than 20,000 phone calls were placed to the REIWA Information Service (2,000 more than the previous financial year), with Western Australians seeking clarification and assistance from the institute on a wide range of real estate matters.

As the WA market has slowed these past few years, the REIWA Information Service has seen call volumes increase. Residential property management continues to be the most common topic the public ring about, with 70% of all ‘phone calls for the year to date received from tenants and landlords. The remaining 30% of calls have generally related to residential sales.

WA tenants most commonly call REIWA to discuss the early termination of their rental lease. They also want to know what rights their landlord has to enter their property while tenanted and what rights they have with regards to repairs and maintenance.

Landlords, on the other hand, most commonly call to seek information on a tenant’s obligation to pay rent, to find out how the court system works in order to claim damages and to clarify their rights around abandoned goods.

In the residential sales market, buyers who call the REIWA Information Service generally do so to get information about their obligation to obtain finance approval within a period of time. They also commonly call to clarify their rights for the pre-settlement inspection, while WA sellers most frequently call to find out about the settlement process, satisfying contractual conditions and to discuss buyer requests which are not addressed in the contract for sale.

The REIWA Information Service team is comprised of two full time staff members and 70 local REIWA agents who give three hours of their time every few months on a voluntary basis.

When you ‘phone up you are given direct access to these local property experts who can educate you on areas you are unsure about and help resolve any tricky property matters you might be facing.

If you are dealing with a REIWA agent and have a real estate query you want answered, I would highly recommend contacting the REIWA Information Service on 9380 8200 for assistance.

Luxury suburbs leading the way in Perth property market recovery

 

by Hayden Groves REIWA President      https://reiwa.com.au/

REIWA recently released statistics showing Perth’s higher priced suburbs are leading the way in the property market’s recovery, with sales above $1 million accounting for 11% of all house sales in the metropolitan area.

This data shows there has been a steady increase in the proportion of sales above $1 million since 2012. In the year to June 2012, only 7% of house sales in the Perth metropolitan region were above $1 million; six years later this figure has grown to 11% – the highest it has ever been.

It’s interesting this increase has occurred during a time when the Perth property market and WA economy have experienced a difficult few years. Buyers clearly recognise there is excellent opportunity in these aspirational suburbs to purchase high-quality family homes at prices we are not likely to see again as the market recovers.

The five suburbs to record the most house sales above $1 million in the year to June 2018 were Nedlands (85 sales), Cottesloe (93 sales), Floreat (89 sales), Claremont (77 sales) and Mosman Park (75 sales).

Data also shows the number of Perth suburbs with a median house price equal to or above $1 million has increased to 37, up from 31 last year, and 25 of those 37 suburbs achieved quicker selling times than the overall Perth metropolitan region, indicating demand in these areas has strengthened.

In addition to these findings, REIWA also recently released a list of 12 suburbs that had experienced strong median house price recovery this year after experiencing declines in 2017.

The suburbs to have experienced the strongest rebound in price this year were North Fremantle, Bicton, Nedlands, Kallaroo, West Leederville, Helena Valley, City Beach, Claremont, Mosman Park, Winthrop, White Gum Valley and Leeming.

All twelve of those suburbs have a median house price above the Perth metropolitan median of $515,000 and seven of the twelve had median house prices above $1 million.

Perth’s aspirational suburbs are leading the way in the property market’s recovery. There is genuine competition amongst buyers in the luxury end of the Perth market, forcing buyers to act fast in these areas and pay a premium to secure the property.

Homeowners in these suburbs who are thinking of selling would be wise to take advantage of these favourable market conditions.