Increases in sales volumes, lower stock levels in both the sales and rental market, and more activity in trade-ups signals an improvement in the Western Australian property market, according to Hayden Groves, president of the Real Estate Institute of Western Australia (REIWA).
“I think the market has been at the bottom for the last six to nine months, and is starting to transition,” he said. “We’re seeing more sales, but downward pressure on listing stock despite the fact that spring is here, and for the first time in a number of years the supply of rental stock is falling at the same time.”
In line with the resurgence in WA’s property market, REIWA and Curtin University have just released the REIWA Curtin Buy-Rent Index. This tool is designed to help users determine the best time to buy or rent based on past and current trends in the economic climate.
The index will be released on a quarterly basis, and is based on formulated economic assumptions that help identify the annual house price growth rate required for homeownership to be financially advantageous over renting.
Neville Pozzi, CEO of REIWA, said the institute was thrilled to have collaborated with Curtin University to help educate and inform the public on the costs and benefits of homeownership versus renting.
“Curtin’s vast academic knowledge has enabled us to harness our research capabilities to produce this helpful tool,” Pozzi said. “In the current economic and property climate, we recognise it can be difficult for West Australians to determine whether or not they should buy or rent. This Index will provide prospective home owners and renters with an insight into whether it is a good time to buy or rent based on trends in the current market.”
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