The Worst is Over for Perth Property Market

The Worst is Over for Perth Property Market

The Worst is Over for Perth Property Market

POSTED BY Mary Piraino ON 06 Nov 2018

THE worst is over for the Perth property market according to local experts.

From established homes to new builds, apartments and rentals, they shared their predictions for 2018, with one saying this year was shaping up to be one of the most positive in recent times.

Overall they expect sales of established homes to increase on 2017 levels, listings to decrease and price stability rather than growth is forecast.

However an upswing in prices is likely in under-supplied suburbs.

Increasing demand is likely to be met with a shortage of supply in the new apartment market, while greener living and energy efficiency are emerging trends in new homes along with dual entry, catering for the growth in multi-generational living.

For first-home buyers in particular, hot spots include the rapidly growing outer metropolitan corridors in Perth’s north-east, east and south, and the expansion of road and rail networks is expected to generate new, affordable lifestyle opportunities.

For people looking for a beach side lifestyle, there is still good value to be found along the coast.

Whatever your budget, one tip is to always look for real value: you want to be close to shops, schools, transport links and employment to maximize your investment in the long term.

This year is also expected to be more positive for investors; gradual improvements are forecast for the rental market with the number of listings and the vacancy rate set to decrease and while rents may not rise, they are not expected to fall either.

Hayden Groves, REIWA president