As we enter the new financial year, I wanted to share some useful research and insights we've seen from various sources, over the last month.
They key highlights are:
The worst has passed for the Perth residential market, as it slowly stabilises.
The WA economy is gaining momentum and the drag from the boom is dissipating.
Demand remains weak across the Perth market, but it’s showing signs of improvement with falling ‘time on market’ and ‘vendor discounting’ is steady.
Apartment supply will fall significantly in 2018 due to tight development financing conditions and slow pre-sales.
The lower price point of the market is attracting interest from east-coast investors.
Perth is expected to see "minimal growth" for the next couple of years, before it sees "stronger growth" in 2021.
I hope you find this information useful in setting your property goals moving forward. As always, if I can be of any help please contact me anytime.
Dan