If you are thinking about a home loan for a property in the Rockingham area, you are probably keeping an eye on the property market to see if there are going to be plenty of homes available and if the prices are going to remain stable. Here are three current events that might have some say in how it goes this summer.

Sales Slow for 2014 but Listings See Spring Boost

According to RP Data, sales have slowed down in 2014 from a peak in November 2013. However, spring has seen listings increase to a point that is higher than this time last year. This bodes well for market supply and some homes are already going for discounted rates. Original asking prices are still high but mitigated by the discounts and by the continued record low interest rates.

Perth Local Government Reform

The Perth Local Government Advisory Board released a report in which it recommended that Perth amalgamate its 30 councils into 16 councils. The WA Government apparently agrees and is formulating a plan to implement this reform. This could greatly simplify and hasten the approval process for building and planning. The Government’s self-imposed deadline for implementing the changes is 1 July 2015. We’re watching.

Great News for Construction Industry

The Housing Industry Association (HIA), via RP Data, had a lot of good news for the construction industry. Land in the Capital Cities was up 7.4% from this time in 2013 and up 4.1% in regional Australia. The median price for land increased to $205,330 for the June quarter, a rise of 1.1%.

According to RP Data’s Director of Research, Tim Lawless, this represents an increase over the March quarter and indicates that the market for land prices may be poised for a more substantial rise. When land sales rise, it usually predates a rise in residential construction six months down the road.

Call (08) 9527 1800 for home loan pre-approval.