Recent article in the West Australian newspaper confirms our belief that the Perth property market has turned upward
“Expert predictions of market recovery welcomed.”
Professionals Real Estate Group has welcomed predictions by Moody’s and CoreLogic of a recovery in the Perth housing market later this year.
Moody’s and CoreLogic believe Perth house prices could rise by 3 per cent and apartments by 5.5 per cent this year, following a downturn in property values since 2013.
Professionals CEO Shane Kempton welcomed the positive predictions for the Perth property market.
“These predictions confirm our belief the Perth property market has bottomed and is entering a recovery stage,” he said.
“This recovery is being driven by an improving economy, especially in the resources sector.
“A rebound in commodity prices has resulted in renewed investment in the Western Australian resources sector, with Rio Tinto announcing 1000 new construction jobs.
“Overall, construction work totalling billions of dollars is expected to deliver 30,000 new construction jobs throughout WA over the coming year.”
“Improving employment prospects will help to rebuild consumer confidence, which is a driver of the property market in WA.”
Mr Kempton said a correction in property prices in Sydney and Melbourne over the coming year would encourage investors from the eastern states to buy into the Perth property market.
“Moody’s and CoreLogic, for example, are predicting the Sydney property price growth would moderate to 7.2 per cent this year before falling slightly over the next two years,” he said.
“These positive predictions for the Perth property market underline the fact that now is the time to purchase a home before Perth house prices start to rise.
“Perth property prices are now at rock bottom and if you are considering buy a home in Perth over the next year then you should act now and reap the benefit of rising property prices over the coming year.”
West Australian 24 April 2017
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