April 08, 2020 by Rebecca Crommelin
We're currently in the midst of a pandemic and for now, we're not really sure what that means for the economy and property. However, we wanted to continue to bring you the latest property updates & news with our monthly Phil's Property Corner segment - written by Phil Bertram from Candour Property Group. Have a quick read below of the most recent property & finance news, plus some support that is currently available during these times.
Firstly, we hope you and your family are safe and well in this unprecedented time.
Not very surprisingly given the extensive social distancing requirements in place, Perth has seen a small drop in its median house price over the month of March, down to $475,000. Sales activity reduced by 23%, however leasing activity climbed slightly, up by 1% with the median rental price steady at $360 per week. REIWA’s monthly property market update can be found here.
Any momentum that was building in the Perth property market has been put on ice for the time being, with all of us committing to stay home to slow the spread of the virus. Naturally during this time we have bigger priorities than the economy and local property markets, our focus is rightly on ‘bending the curve’ and ensuring we get on top of this outbreak for the sake of our loved ones and our community.
Much of the financial focus of the federal and state governments in Australia has been around ensuring funds are spent in ways that support the welfare and potential jobs for as many Australians as possible. Local governments have also been looking at ways to preserve the local property markets, with WA reportedly considering expanding stamp duty exemptions for purchases. PerthNow released an article at the beginning of April which discusses this momentum that was building in the market and some of the approaches the WA Government are considering. You can find that article here, aptly titled ‘Perth Property Market Recovery on Hold’.
During these times it is important that we support our local businesses as much as we can afford to do so. The social distancing requirements are putting an immense strain on many of these businesses, forcing some of them to close (hopefully temporarily) during these times. Businesses are doing their very best to adapt to the required changes, but it is uncharted waters for everyone. Buying locally where possible will contribute greatly to ensuring these businesses and the local jobs are still there when we get to the other side of this challenge.
The changes we are adapting to as individuals and family units are very confronting for many, it is important to remember that we have many resources available to us to be able to talk about it. Services such as Lifeline, Beyond Blue, Headspace, Kids Helpline are there to assist, and the National Coronavirus Helpline is also available to assist you with any of your questions.
If you would like to chat with a member of the Candour team about the impact all of this is having on property or adjusting your property strategy, we’re 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.
