We provide regular property related news blogs to keep our clients informed of what effect important economic, financial and business events and reports will have of the Perth and Western Australian property market.If you wish to receive our regular blogs:
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RBA cash rate left at 4.75% as home loans decline
Wednesday, April 6th, 2011The WA Business News reported the Reserve Bank of Australia left the cash rate at 4.75% yesterday indicating “inflation was consistent with the bank’s medium-term objective of monetary policy”. National Australia Bank economists stated “It appears the Reserve Bank is still fairly comfortable with its mildly restrictive stance on monetary policy. We are of the opinion we are facing a two tiered economy with the resource based economy being strong and the small business and household economy being weaker. This weaker household economy may be the reason for the lowest month in home loan approvals for 10years. This along with other factors may ...
Read moreHistorical Report on Perth City Railway Station Sinking
Monday, April 4th, 2011‘Commercial Valuation Perth City Rail – WA Business news article – 23 January 2003 In December 2003, Garmony Property Consultants, formally known as John Garmony & Associates, prepared a valuation report on the Perth City Railway land for the City of Perth, based on sinking the railway line and selling off the land above for redevelopment. John Garmony valued the 10.2 hecatres of land above the railway at $110 million dollars. An extract from the WA Business News report titled “Report points to rail profit” dated 23 January 2003 is attached. Garmony Property Consultants licensed valuers in Perth provide valuation and consultancy ...
Read morePerth House Prices Fall again.
Thursday, March 31st, 2011RP Data Rismark has reported Perth’s median house prices has fallen in the last quarter by 1.9% to $465,000 making Perth the second worst performing capital city behind Brisbane with the nations highest reported mortgagee repossessions, in these cities contributing to the falls. Also continuing to fall are residential building approvals. However, other reports indicate there are labour shortages, associated wage pressures and other cost stress for businesses have reduced the short term confidence of WA Employers. This uncertainty in the economy is being reflected in the sluggish residential property market. The commercial market remains relatively static, however there are early ...
Read moreHow to become a Licensed Valuer in Perth WA
Tuesday, March 1st, 2011Licensed valuers in Perth and Western Australia are experienced property professionals, licensed under the Land Valuers Licensing Act of 1978 and governed by the Land Valuers Licensing Board. Each Licensed Valuer is issued with a Land Valuers License which has to be renewed every 3 years. A person who wishes to practice as a licensed property valuer in Perth and WA must undergo significant theoretical and practical training before being considered to sit for their Land Valuers License. The intending valuer must complete a 3 to 4 year Bachelor of Commerce, university degree at Curtin University of Technology, majoring in Property. ...
Read morePerth home prices down with predicted rate rises this year
Tuesday, March 1st, 2011A property value survey by RP Data Rismark indicated Perth house prices fell 1.5% in January with a 1.6% fall nationally and commented the Natural disasters in the Eastern States of Australia weakend the market which is typically quieter over the summer holidays. The National Australia Bank chief economist, Alan Oster commented the impact from the natural disasters would see Australia’s economic growth contract in the March quarter, which should hold off Reserve Bank interest rate rises (currently at cash rate of 4.75% ) in the short term, however indicated it is likely that borrowers may get two interest rate rises this ...
Read moreReal estate compulsory acquisitions of land by Government
Friday, February 18th, 2011A recent article in the WA Business News on 16 February 2011 reported the Kimberley Land Council is of the view the Western Australian Premier Colin Barnett should drop compulsory acquisition of land for the Woodside Petroleum’s James Point gas hub, 60 km north of Broome. We understand there has been a long-running dispute between various parties which prompted Colin Barnett to compulsory acquire the land. Our licensed property valuers at Garmony Property Consultants have significant experience in providing valuations for compulsory acquisitions and also acting as advocates in the negotiation process, advising our clients of their entitlements relating to the ...
Read moreREIWA says property rents in Perth have started to climb for the first time in 12 months
Thursday, February 10th, 2011Real Estate Institute of Western Australia (REIWA) president, Alan Bourke, reported their statistics indicate that residential rental rates in the Perth metropolitan area have increased by approximately $10 per week and the vacant rate for the January had dropped to 3.4% down from 4.1% for the March quarter last year. Garmony Property Consultants are of the opinion if the vacancy rate continues to fall supply and demand pressures will force the median rental rate upwards, which may increase the number of investors in the market. However with anticipated increases in interest rates later in the year, we do not foresee, a strong ...
Read moreGarmony Property Consultant launch their new, more informative property valuation website
Wednesday, February 9th, 2011Garmony Property Consultants, Perth’s foremost, independent licensed valuers and property valuation consultancy company launches their new, more informative company website today, providing new and existing clients with detailed information of the company, our valuers expertise and regular property news BLOGS. In January, the company also welcomes it’s newest licensed valuer, Graham Allen, AAPI, who brings a further dynamic and wealth of knowledge to our experienced valuation team. – Matt Garmony, Perth Licensed Valuer
Read moreThe Perth Property Market rests for now on RBA rate hold – Matt Garmony, Licensed Valuer
Wednesday, February 2nd, 2011The Reserve Bank of Australia (RBA) kept interest rates on hold at 4.75% yesterday making reference to lower than expected December inflation figures and the recent devastation caused by the Queensland floods. Economists are predicting inflationary pressure from the rebuilding of Queensland after the January floods which may trigger further interest rate rises mid year. This, coupled with a historically high number of properties currently listed for sale and extended selling periods, in our opinion, will have a negative effect on the Perth property market. However a report by REIWA president Alan Bourke yesterday indicated residential property rents are ...
Read moreRBA On Summer Holiday as the Perth property market remains subdued – Matt Garmony, Licensed Valuer
Saturday, January 22nd, 2011The Financial Review reported the RBA is content with its current interest rate policy and moderate inflation as it takes a break over the Christmas period, however is moderately concerned about the European Sovereign Debt crisis. If inflation grows in early 2011, we believe there may be further interest rate rises in early to mid 2011, which may continue the subdued property market conditions. The only positive factor is economist are predicting low unemployment and housing shortages which may have a positive influence on the property market.
Read moreWestern Australian Economy slows – Matt Garmony, Licensed Valuer
Tuesday, January 18th, 2011Economists are reporting the Australian economy is slowing with a narrowing trade surplus and a high Australian Dollar, despite the rising job ads for the eighth consecutive month. With the recent flood crisis in Queensland and eastern Australia, Gross Domestic Product (GDP) is predicted to fall in the early part of 2011. As a consequence, we are of the opinion the Perth property market will continue the subdued market conditions into the early part of 2011, with local agents reporting less first home buyer’s activity, even with a slight increase in the number of new home loans in the ...
Read moreRBA On Summer Holiday as the Perth property market remains subdued – Matt Garmony, Licensed Valuer
Wednesday, December 22nd, 2010The Financial Review reported the RBA is content with its current interest rate policy and moderate inflation as it takes a break over the Christmas period, however is moderately concerned about the European Soverign Debt crisis. If inflation grows in early 2011, we believe there may be further interest rate rises in early to mid 2011, which may continue the subdued property market conditions. The only positive factor is economist are predicting low unemployment and housing shortages which may have a positive influence on the property market.
Read moreRBA leaves cash rate unchanged at 4.75% – Matt Garmony, Licensed Valuer
Tuesday, December 7th, 2010The RBA decided to leave the cash interest rate unchanged at 4.75% after the major lenders lifted their rates higher than the RBA’s 25 basis point rise last month. The RBA Govenor advised that interest rates are more likely to rise and not fall in 2011 as the outlook for the global economy, particularly Asia is for positive growth. In our opinion, potential rising interest rates will continue to produce subdued to slow growth in the residential property markets, with slight increased investment in the commercial sectors.
Read moreRP Data Analysis, Perth Property Prices fall further – Matt Garmony, Licensed Valuer
Thursday, December 2nd, 2010Analysts research has indicated Perth’s house prices have continued to fall in October 2010, being the weakest performing Capital City in Australia, falling 1.8% in October and 3.8% over the pervious three months. Other reports have indicated new home building starts have also been falling, which in our opinion, is due to reduced consumer confidence in the global economy, rising interest rates, and uncertainty future interest rate rises. Our forecast is for similar property market conditions in the short term.
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