Perth Property Market: From Flight Attendant to Real Estate Principal
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What are the current trends in the Perth property market?
It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. Hey, welcome back to the Real Estate Breakfast, breaking down for you the Australian property market. Monday, it is behind us. Always love a Tuesday because after today, three more days and we're back into another weekend. And we are heading towards the end of the month, January the 27th. If you're celebrating a birthday today, happy birthday to you. Rosamund Pike, she is celebrating. You might remember her from Gone Girl. What was her character name? Amy something. Amy Dunn. What a character she played. 47, she's turning Rosamund Pike. And it was on this day back in 1967 during a pre-launch simulation at Cape Kennedy that a flash fire erupted in Apollo 1.
And that unfortunately killed all three astronauts, a terrifying event at NASA. And back home, I want to take you back. to November of last year when the New South Wales government basically said enough is enough and came down hard on underquoting now they've proposed lifting the fines from $22,000 to as much as $110,000 or three times an agent's commission on top of that agents now have to publish clear price guides explain how they arrived at them and update ads fast if higher offers come in. Now, the bill to implement these tougher penalties is going to be introduced to Parliament this year, and following the initial announcements back in November, the reforms entered a consultation period with the property and real estate sectors to finalise the practical implementation of the rules.
Victorian agents already face penalties of over $40,000 and the potential loss of sales commission for underquoting. And interestingly, a lot of people don't know this. As of now, there is a public name and shame register. Consumers, now you can search on the New South Wales Fair Trading Name and Shame Register by an agent's name or licence number to view their history of compliance. So what is published? Well, the list includes serious statutory breaches and regulatory actions such as fines and penalty notices issued for misconduct, also licence suspension or cancellations. It includes public warnings and prosecution outcomes and enforceable undertakings where agents have formally committed to rectify poor behaviour.
So that, once again, that is all contained in the New South Wales Fair Trading Name and Shame Register in case you want to check out any agent before engaging them to sell your property. Well, coming up in just a moment, we are back to the summer series of real estate. You're listening to the Summer Series on The Real Estate Podcast.
The long-term average for first home buyer lending is actually quite very, very much below where it's been over the last 10 years in Perth. Other cities are not the same. And what it suggests to me is that you've got this backlog of buyers that have just been waiting for this scheme to start. And so we're starting to see the impact of that on the ground. It won't reflect in statistics for a while, obviously, with the lag. We are basically injecting a flood of new buyers into a market that already has way too many buyers and historically low stock levels still. And so this is going to put upward pressure on prices. It is going to make things very, very competitive again. It's already starting to feel like the peak of the FOMO times from a year plus ago in Perth.
And so it's making it very difficult to find and secure good assets in Perth at the I guess the upside though is whilst there will be more upward pressure on pricing, Perth is still one of the most affordable capital cities, much more affordable than Sydney. Obviously, I think the average wage that you need to earn there to buy the average property is nearly $300,000. In Perth, it's still down around $174,000. And Perth also has some of the highest incomes and the best wage growth in the country. So an affordability ceiling on the sales value side is not something that I can see us hitting anytime soon.
Yes, and if you have a look at those new price caps right across the country, and Perth in particular, that has gone up to $850,000.
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