WA, Australia (PRWEB) September 18, 2012
The Real Estate Institute of WA or REIWA, a non-profit organisation for agents in Western Australia (WA) dedicated to promoting professionalism in the real estate industry, recently reported that its website came close to getting one million visits, indicating encouraging activity in the market. Says REIWA, “Reiwa.com came close to seeing one million visits for the first time, with over 10 million page views and 364,000 unique visits. Overall, our traffic in CY2012 is up 15 percent on 2011 averages, and 25 percent up on 2010.”
The above data, supported by Nielsen, also includes a 3.94 percent increase in conversions and 890,000 property alerts sent out in August. Does this mean then that WA real estate, Perth in particular, is poised for surging demands? REIWA points to telling market indicators that may be encouraging to those renting or selling houses or units in the state.
According to REIWA’s latest data, median rents across metropolitan Perth are on a rise, with house rents rising by $10 to $450 per week and apartments, villas, and units increasing by $20 to $439 per week. REIWA President David Alrey says that the population boom is propelling the rental demand. Planning Minister John Day, in fact, projects WA population to grow to 3.06 million by 2026, with Perth and Peel regions predicted to be between 2.27 million to 2.35 million.
The number of rental properties, Perth in particular, that are listed reportedly fell by 15 percent, with 2,700 properties listed in early July to 2,300 by end of August. REIWA also notes that there is a strong first time home buyer activity as more affordable houses for sale are being taken off the market.
While Perth’s real estate market is seeing a lot of transaction from rental properties, investor activity, however, remains limited, which according to REIWA is signalled by “lower than usual turnover for multi-residential dwellings.” REIWA reports, “While turnover for houses in the metropolitan area has picked up by 30 percent on the same time last year and is now at almost normal levels, turnover for multi-residential properties is still 30 percent under normal market activity. “
In spite of this data, REIWA encourages investors to maximise returns by keeping purchased properties in tip-top shape. The Institute finds that a properly maintained property, whether it’s real estate in Perth or elsewhere in WA, will eventually fetch a better resale price. The Institute remarks, “Around 60 percent of investment properties are professionally managed in WA. Such properties are more likely to require less long term maintenance than those handled privately, simply because property managers conduct regular inspections and advise owners of any upkeep. A good property manager will also advise owners of any upcoming major work identified during an inspection… Better presented properties will attract a better rental return and more appreciative tenants.”
To add value to properties, REIWA also suggests for owners to invest in quality locks, air conditioning, floor coverings, tap fittings, window treatments, security screens, and other repair needs.
Since its establishment in September 1918, REIWA has represented over 80 percent of operating agents in Western Australia, numbering to 1,000 member agencies. REIWA offers a range of services and scores of benefits and resources to real estate agents across the state. In its 90 years of existence, REIWA continually innovates on its services to create the best business environment and keep up with changing demographics and family structures, future housing needs, current finance products for home buyers, and sales and marketing trends. As a result, REIWA has carved out a sterling reputation for integrity and credibility as a representative professional association.