Latest data on Perth property market shows upward movement
In early February we commented in our post based on REIWA data that the Perth property market was showing early signs of turning up particularly in the last 3 months to the end of Dec16.
Now the latest data from CoreLogic shows that in the 3 months to the end of January 2017 the Perth housing market rose 2.1%. Tim Lawless of CoreLogic says, “..it may indicate Perth has moved through the worst of the bottom of the property cycle”. The data and his comments reinforce our view that the property market in Perth has indeed bottomed and is showing the beginnings of an upward movement.
Whether you’re an investor or looking to buy a home to live now is the best time to buy in Perth. Consumer confidence in buying a property now is higher than 6 months ago and according to CoreLogic affordability of property in Perth is well below that of Sydney and Melbourne and on a par with Hobart. For investors the return on investment in Sydney and Melbourne has dropped to all-time lows making Perth an attractive alternative.
Stage Property has a range of property across Perth; house and land, finished new villas and houses, off the plan apartments and second-hand.
Dr Ray Wallis
Investment Consultant -BSc, PhD, MEngSc
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