Perth Property Market Improving | November Update 2017.
Perth continued a slight decline in house prices for the first quarter of the new financial year, but it looks like we’re about to enter an upswing. The Perth property market continues to stabilise, with preliminary September quarter data revealing steady or improved levels across most key market indicators.
This is the point at which the property market veers into recovery territory and ultimately heads for the next boom, I am not so sure about another ‘boom’ per say when it comes to steep increase in house values, however I am predicting a much more vibrant market with prices starting to slowly improve by mid to late next year as confidence returns to market as buyers realise prices in Perth now represent very good value, especially compared to other states.
For property investors who operate in Perth, this is the prime time to begin looking at new opportunities. But even private buyers are wise to pay attention to these trends. If you’ve been considering the possibility of buying or building a new home in Perth or greater WA, this is the time to do so.
CoreLogic’s, head of research Tim Lawless said despite the further drop in Perth values the city looked to have gone through the bottom of the price cycle. I tend to agree with my fellow namesake. CoreLogic is a leading and reputable body of commentary to the nation’s property market.
Our Experience | Confidence, Attendance.
We recently listed 3 ‘executive level properties, two apartments and one stunning townhouse in Mount Lawley, all 3 listing experienced positive response from our initial marketing campaigns, good numbers through our opens with us meeting genuine buyers, all SOLD within 6 weeks and the apartment in Applecross and the Mount Lawley properties Sold within 21 DAYS! …fantastic.
Again proof on the ‘street’ that confidence is returning and buyers are now making decisions.
These properties were all suited and sold to owner occupiers, I am still yet to see a reasonable uptake in the investor market, but once prices, especially in the apartment space, meet the new normality of returns owners can expect turnover will begin to take off, there are still too many apartments slightly overpriced when it comes to analysing the yield the are capable of. We are experiencing a lot more investors calling into the office or contacting us for advice, even from the eastern states.
I dare say this is a good sign this sector of the market will start to positively shift soon.