Statistics suggest a turnaround in Perth, as house prices rise and vacancy rates drop sharply
WA has spent a long time in the doldrums, but recent data suggests that we could consider a rejuvenated market until 2019.
The Washington State Real Estate Institute (REIWA) reported an increase in real estate prices in Perth in November 2018, a second consecutive month of rising values ​​in this capital – a very positive sign indeed. "The median price of housing in Perth has been relatively stable in 2018, so it's nice to see median price growth over two consecutive months," said Damian Collins, REIWA President.
"The REIWA analysis shows that there was a change in the composition of sales in November, with a greater proportion of transactions exceeding $ 1 million compared to October. This contributed to the median price increase for Perth housing this month. "
The number of listings also increased between October and November, with sellers seeking to enter the market before the end of the year holidays.
"With the rise of the listing stock, buyers have a good choice of products, which makes it a great time to buy," says Collins.
Perth's economy is recovering
The resource sector may have played a decisive role in Perth's decline in recent years, but for Propertyology general manager Simon Pressley, this industry could turn the state's economy around.
"World demand for commodities such as iron ore, coking coal, gold, copper, thermal coal, gas, lithium, etc. is generating a new wave of increased mine production, which includes a $ 75 billion pipeline of projects in the state of Washington, "he says.
With WA's economic outlook on the rise, the future of the real estate market is starting to look promising again. In response, the population is starting to see growth – CBRE reported that the state had registered an increase of 21,000 residents between 2017 and 2018.
"This is the first step in the recovery of Western Australia. It's really exciting, because population growth has two positive effects, "said Craig Gemmill, Managing Director of Gemmill Homes.
"The existing housing stock is absorbed. This affects the supply and consumers then go to the next level of pricing or build. This will really stimulate the market. "
SUBURB OF WATCH
MANDURAH: affordability increases with falling prices
Perth as a whole begins a period of recovery, but the road is long, especially for the suburbs like Mandurah, where the value of properties continues to decline.
By December 2018, house and house prices fell by 9.6% and 13.2% respectively, continuing the negative trend observed since 2013. Weekly rents also fell by 3%. , 6%, to establish at $ 270 on average.
As the gateway to Southwestern Washington State, Mandurah is a popular destination for vacationers, given the wealth of its waterways. The restaurants and cafes offer stunning views and favorite activities include boating, bird watching, dolphin watching and cultural walks. The CBD is also full of stores.
Conveniences: Mandurah CBD is full of shops, cafes and restaurants
Tourism: Mandurah is popular with tourists because of its location near the water
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