PERTH PROPERTY MARKET
Buying a house in Perth? Want to keep up to date with what is happening in the Perth & Western Australia property market?
Immigrate Perth will be keeping their eye on the property papers and what's in the news on the property front.
So if you want to keep up to date then visit us often for some of the latest updates-)
LATEST WESTERN AUSTRALIA PROPERTY NEWS
Reports have indicated that the Perth property market is recovering and we are again seeing capital growth in our homes.
The first home owners have kept the bottom end of the market busy in the early part of last year as they took advantage of the additional BOOST made available to those who qualified for the First Home Owners Grant (FHOG).
Now the BOOST has ended but the recovering economy has seen investors and buyers at the top end of the market beginning to buy again.
With the activity in the resources sector picking up, incomes increasing, and population continuing to grow we will see a greater demand than supply for property. Price rises are inevitable.
There has been talk by economists at the Australian Property Monitors that Perth house prices could rise by more than 10 per cent this year. Great news if you are selling, not so good if you will be moving over here as a new migrant over the coming months.
We could also see an increase in the average weekly rent in the Perth metro area, which is expected to exceed $400 a week. Higher rent makes the market even more attractive to investors.
After months of falling prices on the Perth property market we have began to see light at the end of the tunnel.
According to the Real Estate Institute of WA's president Rob Druitt we can expect the last quarters figures soon to be released to show a 2 per cent increase in Perth's median house price.
With the recoreded price rise in the March quarter there are signs that the property market has turned a corner and we can start to see some growth again.