Perth Property Market predictions 2019
Hope is on the horizon for Perth’s property market heading into 2019 and beyond, with prices predicted to grow faster than most markets across Australia.
Domain’s new Property Price Forecasts report is out and it is good news for those currently in the market. The report predicts that house prices will fall by about 5% in 2018, but will start to increase again in 2019 and 2020.
We will have officially hit the bottom of the market in late 2018 / early 2019, according to the report.
Domain’s Economist said the positive outlook for 2019 and 2020 was largely due to better economic conditions, with fundamentals in the mining sector starting to look better and population growth on the increase.
This is good news for people in the market now, as affordability in Perth is at its best.
Nicola Tobin, New Sales Consultant for Pindan agreed and said that whilst 2018 has been a slow selling market across the board, the second half of the year has seen more activity as properties have been priced according to the market.
“First Home Buyers have been the most active and taking the opportunity to enter the market,” she said.
“Buyers are doing their research and I think know that now is a great time to be buying.”
Nicola said the market in 2018 had been harder for second and subsequent home buyers with longer sale times on existing homes having a big impact.
“Reduced valuations, and therefore equity, coupled with slow selling times have meant that even motivated buyers in this market haven’t necessarily been able to act.”
Nicola added that she too felt we were however at the bottom for the WA market, with signs that it was on the rebound.
“Rent figures are starting to improve, with a lot less on the market for tenants to choose from.
“Land is also starting to sell well, with first home buyers again the strongest market here.
“We are certainly seeing a lot of activity where properties are keenly priced,” she said.
Nicola said she believes that now is the right time for many buyers to enter the market, and that with the predicted population growth, positive activity in the mining industry , new infrastructure for Perth and buyer confidence on the increase, 2019 will see a positive turn in the WA property market.
Dane Rawlings, a Sales Consultant with Pindan, said he too had seen an increase in enquiry in the latter half of 2018.
“At our development The Reef at Two Rocks, for example, we have seen a good mix of clients from first home buyers looking to get into the market to downsizers who have reduced a lot of their debt,” he said.
Dane added he too believed consumer confidence would likely continue into early 2019.
“The consensus in the industry, as demonstrated in the Domain Report too, has been that WA is at the bottom of the price market and that we should see growth in the next 12 months,” he said.
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