August was another lacklustre month for Perth in terms of the number of properties available for sale and for rent, according to the recent figures from the Real Estate Institute of Western Australia.
The total number of homes up for sale for the month was only at 13,831 while 6,599 properties were listed for rent. These figures were last seen in late 2014.
While the residential sales market has slightly softened, REIWA president Damian Collins said the rate of price decline seems to be slowing.
"CoreLogic's latest home value index shows dwelling values in Perth declined for another month to 0.5% in August, yet the rate of decline is slowing, which is a positive indication that prices in Perth may be approaching the bottom," he said.
Some suburbs benefitted from their popularity, reporting a prominent reduction in listings percentage-wise for August. Topping the list was Churchlands with the most significant decrease, which was closely followed by Sinagra, Waterford, Shenton Park and Greenwood.
Collins said the slowdown in the market could suggest that the full effects of the recent changes on serviceability rules and the back-to-back rate cuts have yet to manifest.
"Hopefully in time we will see an increase in the number of buyers, otherwise there will be a need for further action by the State Government in relation to land taxes and stamp duty," he said.
In terms of rental listings, Perth witnessed 3% reduction in stock and 5% decline in leasing activity for the month.
"In addition to the decline we've seen during the month, listing stock are now 17% lower than they were a year ago," Collins said.
The top suburbs that have seen a significant decrease in rental listings include Alkimos, Connolly, Willagee, Shoalwater and Greenwood.
"While we have seen Perth's rental market gaining momentum over recent months, we are now starting to see it stabilise with the overall median rent price remaining at $350 per week. Typically, as we move into these warmer spring months, the property market should see an overall uplift in activity – something we are keen to keep an eye on in the coming months," he said.
