Licensed Valuers & Property Valuation Consultants, Perth, Western Australia
Independent licensed valuers & Property valuation consultants
Established 1984 | Expert Valuation Advice | Licensed Valuers

Perth Reidential Property Market Spring 2011

Monday, December 19th, 2011

Recently Licensed Valuer and Managing Director, Matt Garmony gave a presentation to one of the worlds largest banks on the Perth Residential Property Market.  The presentation provided and insight into the recent history of  market conditions which shaped the current conditions.  Some current statistics and opinions and trends and opinions on the future directions.  Attached is a copy of the screens shots from the presentation which includes statistics from the Real Estate Institute of Western Australia (REIWA) and the Australian Bureau of Statistics (ABS). Perth Property Market Spring 2011 Presentation

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Land Tax information 2011-2012

Thursday, October 27th, 2011

What Land is Taxable? Taxable land is land you owned at 30 June 2011, excluding exempt land. Examples of taxable land include: • vacant land; • residences which are not used by the owners as their primary residence; • ‘secondary’ residences such as holiday homes, holiday units or hobby farms; • rental homes or units; • commercial properties including shops, offices and factories; • land held in trust or owned in a company name; • entitlement to land under any lease or licence from the Crown; • land used for business, commercial, professional or trade purposes under arrangements with the Crown, Crown instrumentalities, local authorities or public statutory bodies. Who ...

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Perth’s Office market the best performing sector!

Wednesday, October 26th, 2011

The Perth Central Business District (CBD) office rental market is experiencing a strong increase in net rental rates as the vacancy rate for premium and particularly A-grade office tenancies falls. Recent strong demand for office accommodation in the Perth CBD has seen the vacancy rate drop to a reported 3.6% which is critically below equilibrium and it is our understanding the current office projects under constructions will not ease this problem as the total floor space under construction is some 90% pre committed.  The licensed valuers at Garmony Property Consultants are seeing a flow-on effect in the fringe CBD office markets, particulaly West ...

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Conflicting signals in the property market as the House of Representatives pass the Government’s controversial carbon tax.

Monday, October 17th, 2011

The Federal Government House of Representatives passed the Labour Governments controversial carbon tax last week which includes 19 Carbon Tax bills with Prime Minister Julia Gillard stating “Today, is a significant day for Australians and the Australians of the future who want to see a better environment.” The $23 a tonne Carbon Tax will start in mid 2012 before transforming into a true Emissions Trading Scheme (ETES) in mid 2015. Although it was passed in the House of Representatives, opposition leader Mr Tony Abbott pledged on ABC radio on Wednesday “This is a pledging in blood – this tax will ...

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Perth Property sellers give up on the market!

Sunday, September 18th, 2011

REIWA research has indicated the Perth residential property market has fallen for the 6th consecutive quarter, declining a further 2% since June 2011 where the median house price was $477,000.  REIWA indicated its member listings have also fallen in the last 3 months from 17,400 properties on the market for sale at the end of June 2011 to approximately 15,000, with little movement in transaction turnover.  “Sellers are simply taking their properties off the market, rather than stock being diminished by sales.” This continued fall in the median house price could be contributed to the increase in First Home Buyer ...

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Green Star Ratings Add Value

Wednesday, September 14th, 2011

A recent report commissioned by the Australian Property Institute and the Property Funds Association of Australia has revealed Green Star-rated buildings and NAMBERS Energy Ratings add value to commercial properties. The Building Better Returns Study found gaining a top level environmental rating can add at least 9% to the value of a building.  Commentary from the Australian Property Institute  said “the study showed environmental rating schemes were delivery benefits, including lower vacancy and building running costs (outgoings)”.   We are of the opinion, the tenant would have lower outgoings and building running costs, thus being able to afford higher net rents for Green buildings, ...

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“Value growth slows over past five years” – Summary of RP Data report.

Monday, September 12th, 2011

A recent report by RP Data has indicated property value growth has slowed in the past 5 years when compared to the past 10 years. RP Data reported, Perth’s median house price has grown 10.7% per annum for the past 10 years up until July 2011, with inflation only averaging 2.9% over the same period. “Undoubtedly the growth in values has been strong and occurred during a time when access to credit was much easier to obtain and interest rates were inherently lower.” The RP Data report stated. However in the 5 years leading up to July 2006 the average annual value growth for ...

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Does the European Debt Crisis effect the property market?

Monday, September 12th, 2011

Consumer and business confidence is growing increasingly fearful the eurozone cannot deal with the debt crisis with Greece’s potential debt default and the fragility of the European banks being thinly capitalised. Uncertainty of a recovery is the US economy is also causing global concerns. Australia’s unemployment rate is slowly increasing, following recently published data, which may cause the Reserve Bank of Australia (RBA) to cut interest rates by the end of the year. Although this may improve the affordability of home ownership and improve business funding slightly, we are of the opinion the global financial and local unemployment concerns may not improve business ...

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When will the Perth’s residential property market bottom out?

Wednesday, August 31st, 2011

Recent statistical data released by RP Data today revealed the Perth median house price continued to fall in July to $455,000 which indicates a 6.3% drop from the same time last year. Perth was the second worst performer nationally only to Brisbane. Days on the market for properties that are listed for sale has risen to 55 days up 10 days  from 12 months ago.  Tim Lawless research Director of RP Data stated “Combined with volatile equity prices, global financial market instability and soft house prices, Australians are understandably reluctant to make high commitment decision at the moment.” In our opinion, although ...

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Perth’s property markets continued decline

Wednesday, August 3rd, 2011

The Real Estate Institute of Western Australia (REIWA) reported last month that Perth’s median house price fell 2% in the June quarter and has declined for 15 consecutive months and is at the same level as December 2007 at approximately $475,000.  This report was confirmed yesterday by Australian Bureau of Statistics (ABS) that Perth’s median house price fell 1% in the month of June and 4.1% for the year which is the highest price fall for an Australian Capital City. This property market decline was also reflected in ABS figures for building approvals which indicated a 3.5% fall nationwide for the ...

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