09/06/2017
Read what Blackburne founder and managing director Paul Blackburne said about the Perth Property Market
What is your opinion of the past year in Perth real estate?
The property market is comprised of many different markets, depending on the type of property.
Land sales and established homes sales were slower than usual; however, apartment sales for good projects were solid.
Some apartment projects were slow to sell but good projects that are well-designed and well-priced had steady sales.
Enquiry was very strong for apartments from local owner-occupiers; however, many people are waiting to see what happens this month.
What are your predictions for the market in 2017?
It is a normal part of the market cycle that there are a few years of strong growth followed by a few years of slower or even negative growth.
We have now had two years of no growth and most economists predict that 2017 will be the year that the market in Perth starts to grow again.
Now is certainly the time to buy as there is very little new apartment stock on the market and we see a significant shortage of apartments coming in 2017 and 2018.
There simply isn’t enough apartments being built to keep up with demand.
There is a large shift towards more apartment living – currently around 15 per cent of people live in apartments and this will move closer to 30 per cent soon.
What are your top tips for buyers and sellers looking to make their move in the local market this year?
Do your research and ensure you are buying from a trusted developer.
Buy property types where there is a demographic trend towards increasing demand, such as apartments.
Think about whether you really need a backyard and whether you want to be living a long way from activity and the city.
Perth has become a far more vibrant and liveable city, so far more people are wanting to be closer to the activity rather than stuck out in the suburbs.
If you’re a first-home buyer, it’s a great time to buy, especially given the First Home Owners Grant increase to $15,000.
Many people buy apartments off the plan for their first purchase, which gives them time to keep saving more for a deposit but secure something while the prices are low, and there are a wide range of options.
Source: http://www.communitynews.com.au/eastern-reporter/real-estate/2017-real-estate-forecast-property-experts-share-their-tips/
Property experts share their forecast for 2017