September 02, 2020 by Rebecca Crommelin
Can't believe we're saying it as this year has flown by but it's officially Spring! We couldn't be happier to be welcoming some warmer weather! Better yet, Phil Bertram from Candour Property Group is bringing us the latest Phil's Property Corner! Phil chats about the latest property and WA economy news, as well as the potential impacts of reduced JobKeeper and JobSeeker.
August was a pretty quiet news month for the Perth property market, property sale numbers have been steady in comparison to July numbers, with listings of properties for sale down 22% from this time last year. Rentals have tightened up even further with listings reducing 10% from July and 51% lower than August 2019.
One thing that has not been slowed down by the COVID pandemic is WA’s mining exports. The numbers are in for the 2019/20 year and the ABS is reporting that Australia has reported its largest ever trade surplus. Goods exports were a major part of this growth, up by $9.29 billion, or 2.5% over the financial year. WA played the major role in this expansion, increasing by 13.3% in this financial year, with most other States and Territories posting a decrease. You can read more about this dynamic in this article.
In other news, West Australia has set a record low for minimum demand on the electrical grid as rooftop solar continues to become more common. On Sunday 30th August 2020 grid demand fell to 1059MW, showing that rooftop solar accounted for 40% of total generation.
The next few months will be quite telling in the Perth market, as the JobKeeper program becomes more targeted and JobSeeker is reduced and made more specific in its targeting. Although at present the Perth property market appears to be resiliently holding on, the flow on effect from these changes will be quite telling.
If you would like to discuss any of the above and how it applies to you, we are here to help. To arrange for Phil to call you please email him with your name and contact number on phil@candourproperty.com.au and he’ll be in touch.
