It is interesting to note that REIWA currently states there has been an increase of vacancies by 1% for properties available for rent, with vacancy rates now sitting at 6%.
This is a continuing trend which we should see turning around in the next quarter as a lot of people will be leasing in the first quarter of the new year due to seasonal factors and with tenants moving home prior to the new school year.
It is also interesting to see that there was a 12% increase in sales. This is once again reflective of the end of the spring selling period. Obviously there will be a softer impact felt over the festive season, as more properties come to the market in the new year, but likewise there will be continuing demand due to the influx of people moving.
Interest rates remain on hold although the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission and the Reserve Bank of Australia have all colluded to continue with the heavy constraints on specific lending criteria. This will continue to have a significant impact on WA sales figures by making it tougher for people to purchase.
We are hopeful of a loosening of that control in the near future to help stimulate demand.
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