Some relief for struggling Perth market

FOR those who were wanting to sell or buy, or have investment properties in the Perth region, a recent announcement brings good news.

The State government has reduced restrictions on the real estate sector to allow the number of people who can attend a home open to be increased from two people (including the agent) to a maximum of 10.

Real Estate Institute of WA (REIWA) president Damian Collins said with sales transactions sitting at a record low of less than 300 per week in Perth in recent weeks, this was positive news for the property market.

“There are many people who are still required to buy, sell or rent a property during the COVID-19 pandemic and this decision will help remove some of the limitations to viewing a property and will be a positive step in helping to increase transactions,” Mr Collins said.

Current social distancing and hygiene rules will still apply with real estate agents required to also maintain a register of people who attend each home open.

“While Western Australia seems to be passed the worst of the outbreak, we still take the current restrictions seriously and will be working closely with our members and the government to ensure that we do our part in helping to reduce the spread,” Mr Collins said.

“The cautious relaxation in restrictions, coupled with the announcement to provide rental assistance for those in financial stress, is most welcomed by REIWA and we hope this is the beginning of things starting to look up – not just for real estate but for the wider WA economy.”

The announcement also applies to viewing display homes and was welcomed by Housing Industry Australia (HIA) director Cath Hart.

“Display homes are the shopfront for home building but distancing requirements meant they have been closed other than by appointment,” Ms Hart said.

“This has meant very few new home building projects were initiated over the past month – in fact HIA’s weekly survey of WA display home traffic saw visitor numbers plummet by more than 90 per cent from about 2500 in early March to fewer than 50 last weekend.

“That will translate into a trough in WA’s residential building pipeline over the coming 12 months, so we’re also working on proposals to support the next stage of economic recovery.”