Despite the state election, an event that usually precipitates a slowdown in property sales activity, the Perth residential sales market has had a good start to 2017, with sales transactions for the quarter ending 30 March ahead of the same period last year.
Any thoughts of an across the board recovery in the Perth property market this year though are likely premature, with statistics showing the strongest sales activity being in popular established suburbs that predominantly cater to the residential trade-up sector.
That analysis by REIWA and Herron Todd White concludes with our own anecdotal observations where locally, we’ve seen good quality, renovated character or near new homes in the $600 to low $1millions mark being snapped up by trade-up buyers versus the continued lower levels of buyer interest in multi residential dwellings such as units, apartments, villas and townhouses, particularly if in average or original condition.
These early signs of green shoots in the quality trade up market though give us some cause for hope that prices for houses, but not though multi residential dwellings, have either bottomed or are close to it, and may start to show signs of recovery sometime in 2017 depending upon price bracket and location. Watch this space!
For further comment on the state of the market it’s worth downloading and reading Herron Todd White’s April 2017 Residential Property Report and for more information on the rental market, which showed a much welcome increase of 9% in leasing activity in March, read REIWA’s latest update here.
And of course if you’d like an update on where your own property might sit in the current market or would like to have details of recent sales in your area, please contact me by email at [email protected] or call 0405 812 273 – we’re always happy to help.