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Homes for Homes opens first funding round for social and affordable housing projects in WA

Homes for Homes will open a new grant funding round for social and affordable housing projects, with up to $160,000 available for the first time across New South Wales and Western Australia. Up to $80,000 will be available in both states. Homes for Homes provides a way for the entire community to help solve the issue of homelessness by raising funds for social and affordable housing through donations from property sales. Thanks to the support from property donors, PEXA and the Homes for Homes community, sufficient funds have been raised to grant to housing providers for the first time in NSW and WA. Homes for Homes CEO Steven Persson said the organisation is delighted to extend their support to new areas and projects. “Homes for Homes is pleased to continue its expansion across Australia and open up grant funding in new states. We are excited to welcome applications from housing providers and play our part in the creation of social and affordable housing in NSW and WA. “Homes for Homes is dedicated to solving homelessness and helping provide safe, secure housing for all, our success comes from strong community support. “We thank all those who have registered their properties with Homes for Homes and those who contributed to the making of this new grant round, in particular our strong partnership with PEXA,” Mr Persson said. This funding milestone marks the fifth round of grants released to community housing projects by Homes for Homes. Previous grant rounds have seen $1.28 million granted to social and affordable housing providers in the Australian Capital Territory and Northern Territory, Victoria and Queensland, totalling 13 projects and providing housing for 96 people.

Applications for funding now open

Homes for Homes will continue to take a flexible approach to the projects it supports. Housing providers can apply for grant funding in either NSW or WA, or both. “We are open to all applications, any organisation that can create social and affordable housing is encouraged to apply,” Mr Persson said. Projects funded by recent Homes for Homes grant rounds include an Aboriginal Housing Victoria redevelopment of an underutilised dwelling into two long-term social and affordable housing units for Aboriginal tenancies, and a Community Housing Canberra group home to enable people with mental illness to transition from living with ageing parents, to a more independent model with 24/7 support. Social and affordable housing providers in NSW and WA are encouraged to apply for grant funding. Applications will be assessed by expert, industry-based advisory groups in both states.

More information

For more information, visit homesforhomes.org.au.
in Uncategorized Posted by sstudio

Two years on from COVID – how has the Perth sales market changed?

Since the onset of the COVID-19 pandemic in March 2020, Perth home values have increased 21.6 per cent, sales activity is up 56 per cent and the median time to sell has dropped from 43 days to just 14 days.

REIWA President Damian Collins said the pandemic had impacted many facets of our society, including the Perth property market, which had experienced a remarkable turnaround over the last two years.

“There was uncertainty about what impact COVID-19 would have on the property market when the pandemic hit in March 2020. REIWA expected some impact, however given the strong economy and the recovering property market, we expected a short-term downturn. At the time, some commentators and financial institutions were predicting 20 per cent price declines.

“Thankfully, the downturn was short lived and only small. After we came out of the first lockdown and restrictions eased, many people looked to take advantage of WA’s affordable housing and low interest rates. The Perth residential sales market was reinvigorated, and we haven’t looked back,” Mr Collins said.

Perth housing shortage

Listings for sale is another key metric that has changed significantly since March 2020. reiwa.com data shows there were just 7,796 properties for sale in Perth at the end of March 2022 compared to 12,295 at the end of March 2020 – a 37 per cent decline.

“The pandemic has seen a return to net interstate migration into WA, which has certainly exacerbated Perth’s housing shortage, with far fewer properties available for sale than there was this time two years ago. With the borders now open, we are hopeful more skilled workers will be attracted to the state to help complete construction and create new housing,” Mr Collins said.

“After years of watching properties lose value and sales dwindle, the last two years have seen market conditions strengthen in Perth, with increased buyer demand and low listing stock fuelling strong price growth.

“We don’t anticipate market conditions slowing any time soon, with a further 10 per cent price growth expected in the 2022 calendar year.”

Top 10 suburbs for price growth since March 2020

SUBURBMEDIAN HOUSE SALE PRICEPRICE GROWTH SINCE MARCH 2020
1. Salter Point$1.63 million75.3%
2. Bicton$1.3 million49.3%
3. Ascot$860,00048.3%
4. Shenton Park$1.655 million47.0%
5. Medina$285,00046.2%
6. City Beach$2.3 million42.9%
7. Wannanup$599,00040.9%
8. Silversands$520,00040.2%
9. Koondoola$365,00038.5%
10. Camilo$300,00038.2%

*Data is for the year to March 2022 versus the year to March 2020.

Top 10 suburbs for sales volume growth compared to March 2020

SUBURBMEDIAN HOUSE SALE PRICESALES GROWTH VERSUS MARCH 2020
1. Ridgewood$412,000192%
2. Dayton$455,000157%
3. Coodanup$308,000153%
4. Mandurah$315,000139%
5. Yanchep$450,000136%
6. Leda$339,000136%
7. Clarkson$425,000132%
8. Medina$285,000128%
9. Two Rocks$408,000125%
10. Alkimos$431,000125%

*Data is for the year to March 2022 versus the year to March 2020.

More information

For more information about how the Perth market performed in March 2022, read our media release.

in Uncategorized Posted by sstudio

West Aussie seniors need stamp duty relief

Author: REIWA President Damian Collins

In its 2022-23 pre-budget submission, REIWA has called on the Western Australian Government to introduce a one-off $10,000 stamp duty concession for seniors aged 65 and over.

While the financial impost of stamp duty affects all buyers, seniors over the age of 65 are especially affected because of their reduced income and limited borrowing capacity. They also have more specific housing needs that change as they age.

Older households often struggle to raise the upfront cost of stamp duty which prevents them from moving into housing that is more appropriate for their needs.

Many are also reluctant to dip into their hard-earned retirement savings to fund the move. The prospect of paying tens of thousands in upfront transaction costs is a clear deterrent when the alternative is simply remaining in the place they call home.

Concession would improve mobility across the WA market

Introducing a one-off, $10,000 stamp duty concessions for seniors would ease the burden of these upfront costs and help people aged over 65 right-size into more suitable accommodation. This would free up housing stock and assist with mobility across the entire market.

REIWA analysis shows that the increased mobility in the market as a result of this concession could easily be cost-neutral, or even net the WA Government higher revenue.

As our population ages, the demand for single-occupancy, low-maintenance dwellings will increase substantially. Yet it remains the case today that over 70 per cent of listings for sale in WA are for dwellings with three or more bedrooms. 

REIWA for years has stressed the need for greater diversity of housing stock. While many first home buyers are turning to townhouse and apartment living on affordability grounds, more needs to be done to slow the sprawl and to encourage the population into higher density living.

We believe that targeted stamp duty relief would assist, particularly at the lower end of the market. While many will choose to remain in the family home, we expect introducing a one-off stamp duty concession for seniors will be the encouragement many need to right-size, providing our housing market with some much-needed mobility.

REIWA’s proposal is not a radical idea. Victoria, Tasmania, Australian Capital Territory and Northern Territory all offer stamp duty concessions to eligible seniors – it’s time that WA does too.

More information

For more information, read REIWA’s 2022-23 pre-budget submission. 

 

in Uncategorized Posted by sstudio

Perth houses selling 27 days quicker in September

Article Author – REIWA.

According to the latest reiwa.com data, houses in Perth are selling 27 days faster in September compared to one year ago, taking a median of 28 days to sell rather than 55 days.

REIWA President Damian Collins said it is pleasing to see the established market doing well.

“While the data shows we are seeing improvements, agents on the ground have reported high levels of interest in residential property and multiple offers being put forward on some new listings,” Mr Collins said.

Why are we seeing this trend?

“In September there was a 20 per cent decrease in the number of properties for sale on reiwa.com compared to the previous year. This combined with low interest rates and a return to stronger population growth explains why we are seeing houses sell at a quicker rate.

“While the market overall is on the improve, some suburbs are going better than others, with the top 10 selling suburbs in September all selling well under Perth’s median of 28 days.”

Quickest selling suburbs

Of the top 10 selling suburbs, Subiaco and Kingsley were the quickest selling suburbs taking only 12 days, which is 16 days quicker than September 2019. This was closely followed by Rivervale which took a median of 14 days, 11 days faster than last year.

Darch and Woodvale are also experiencing faster selling times taking 14 days in September which is 18 and 37 days quicker than last year.

More information

“With low stock levels and faster selling days, we can expect the median sale price to start increasing over the coming months. For those who are looking to sell, now might be the time to contact your local REIWA agent,” Mr Collins said.

If you’re looking to sell, find out how to get the best our of your property when selling.

Top 10 selling suburbs

Data in this table is filtered for suburbs with more than 10 house transactions during September 2019 and September 2020 in Perth.

SUBURB MEDIAN SELLING DAYS

SEPTEMBER 2019

 MEDIAN SELLING DAYS

SEPTEMBER 2020

 DIFFERENCE
Subiaco 28 12 16 days faster
Kingsley 28 12 16 days faster
Rivervale 25 14 11 days faster
Darch 32 14 18 days faster
Woodvale 51 14 37 days faster
Swan View 72 15 57 days faster
Beechboro 26 15 11 days faster
Coolbellup 57 15 42 days faster
Mount Hawthorn 49 15 34 days faster
Greenwood 24 16 8 days faster
Greater Perth 28 55 27 days faster
in Uncategorized Posted by BouncingOrange

Perth Market Snapshot for the week ending 11 October 2020

Article Author – REIWA.

Sales activity increased four per cent in Perth this week, with REIWA members reporting 902 transactions.

This increase can be attributed to a 15 per cent rise in house sales, 21 per cent rise in unit sales and 41 per cent fall in vacant land sales over the week.

Properties for sale

There were 10,422 properties for sale in Perth at the end of this week, which is in line with last week.

A closer look at listing stock levels shows house listings remained stable, listings for units increased by one per cent and listings for vacant land decreased by one per cent.

This week’s total figure is two per cent lower than levels seen four weeks ago, and are 25 per cent lower than levels seen a year ago.

Perth rental market

REIWA members reported there were 2,975 properties for rent in Perth at the end of this week, which is one per cent more than last week.

This week’s rental listings figure is four per cent lower than levels seen four weeks ago and are 52 per cent lower than levels seen a year ago.

View our Perth Market Snapshot graph for a detailed breakdown of the past week.

in Uncategorized Posted by BouncingOrange

Sales growth continues to rise in Western Australia NEW

Article Author – REIWA President Damian Collins

With price declines experienced in major capital cities on the East Coast, it’s pleasing to see that once again Perth has seen growth, with CoreLogic’s latest home value index for dwelling values showing Perth increased 0.2 per cent in September.

Top suburbs

Breaking it down by individual Perth suburbs, Darlington saw the biggest increase to its median in September with a 4.9 per cent increase to $637,500. Following this was Armadale with a 4.7 per cent increase to $225,000 and Swan View which was up 4.5 per cent to $355,000.

Rounding out the top five suburbs to see an increase in median sale price is Rockingham with a 3.9 per cent increase to $370,000 and Padbury which was up three per cent to $517,750.

Of the top 10 suburbs to see an increase in median, six of them are below Perth’s median sale price of $475,000 and none of them were over the one million mark, which demonstrates first home buyers and trade up buyers have been more active in the market during September.

Properties listed for sale

While it is clear that the West Australian property market is in recovery mode with the worst behind us, we will now have to deal with low levels of supply for some period of time with listings for sale in September decreasing 20 per cent compared to last year to sit at 10,656.

You may have also heard that WA is also in the midst of a rental shortage with the number of properties available to rent dropping below 3,000 in September, compared to 6,169 in September 2019.

Why stock levels are low

There are many reasons why levels have dropped so low for both the rental and sales market. Firstly, WA is almost back to normal population growth rates, sitting at 1.5 per cent for the year to March 2020, a big improvement from the 0.6 per cent per annum only a few years ago.

The housing market is struggling to keep up from a demand and supply point of view and with net migration into WA at the best levels since 2014 before the pandemic, there will be additional pressure on housing demand once borders eventually reopen.

The building bonus scheme does help boost housing supply, however those who have chosen to build will be sitting in rentals over the next 18 months until their homes are built, which does not help us in the short-term.

More information

With prices on the rise and record low interest rates, there has not been a better time in many years for investors and home buyers to enter the market.

To find out how the rest of the property market performed, view rental listings reach eight-year low.

in Uncategorized Posted by BouncingOrange