Expert optimism on Perth house prices
Some Perth suburbs are among the fastest growing in Australia.
The Housing Industry Association has revealed the biggest property hotspots, with Forrestdale, Harrisdale and Piara Waters in the top five, with a 17.9% annual population growth rate.
Other property hotspots included Ellenbrook and Byford, both of which are set to get a rail and extension under Labor’s Metronet Plan.
HIA figures also suggest areas such as Booragoon, Perth City, Armadale, Wungong and Brookdale are set to grow in the next year.
The report comes as many Perth propery experts are predicting a recovery in the sector over the next year, according to some of the industry’s biggest names.
Calling the bottom of the market comes amid some positive trends in the market, including the hunt for almost 100 rental properties in the western suburbs for resources sector migrants moving to Perth.
Valuation expert Gavin Hegney, builder Dale Alcock, Housing Industry Association executive director John Gelavis and Real Estate Institute of WA boss Hayden Groves believed there were unlikely to be any more significant falls in house prices, which recently hit a median price of $515,000. Others, including land developer Nigel Satterley and Urbis property consultant David Cresp, said the bottom of the market was close. Mr Cresp forecast prices would start rising next year.
Mr Hegney said there were signs that Perth had already started the first stage of recovery, which was the resurgence of trade-up buyers pushing up the price of entry-level homes in aspirational areas, such as the inner city, western suburbs and the waterfront.
“I am 90 per cent certain we’ve hit the bottom and probably 80 per cent certain we have passed the bottom because recovery is already showing up in these areas, but it won’t show up across the board just yet,” he said.
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Article summarised from 13 June 2017 article in the West Australian Newspaper, written by Kim Macdonald. To read the article in full, and watch the video, click here.
For the full Housing Industry Association report available click here.
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