Land availability picks up in Perth
Those considering a custom home project would be pleased to hear that a large amount of land has been listed for sale in Western Australia in the past week. In fact, according to the Real Estate Institute of Western Australia (REIWA), overall property listings have reached a significantly high level.
While real estate sales may have softened a bit, this could largely be due to the amount of stock that is coming to market at the moment. The temporary easing of sales should not be an area of concern, as buyers are presented with more choice and the market absorbs the effect of this. With the recent Reserve Bank of Australia decision to cut the cash rate, and plenty of lenders passing this on to buyers, it’s quite possible that buyer numbers will increase as well going forward.
According to REIWA, 13,535 properties were listed for sale as at February 25, and this includes 1,815 parcels of land. This is not only a huge amount of land that is now ripe for the picking, but overall listing sales have not been this high since May 2012. With more listings on the market, we could see land becoming relatively more affordable.
There are almost 1,000 more properties listed this week than there were four weeks ago. This time last year, there were only 9,207 listings available. While we have the pick of the bunch this year, this week in 2014 seemed to have slightly more sales: 814 compared to 707 this week in 2015. The market is still climbing out of its summer slump though, with REIWA reporting that four weeks ago there were as few as 538 sales.
If you’re interested in building a custom built home in Perth, make sure to look at available land while there is plenty available.