The release of preliminary November property sales figures for Perth, together with a slew of recent data from REIWA, provide the best indicators yet that the Perth market is showing signs of recovery.
With CoreLogic and REIWA reporting that the November 2017 quarter showed the first positive quarterly result in Perth property prices since 2014, with a growth of 1.0%, it follows two previously stable quarters and an upswing in property sales transactions. REIWA President Hayden Groves has said that “historically, before a market improves there is a sustained period of level stock, sales activity and house prices, which is what we appear to be witnessing at the moment”.
In further evidence of the market changing, REIWA research indicates that 40% of metropolitan suburbs now offer limited choice for buyers and that 45 suburbs currently have less than 1% of their total homes for sale.
Trade up suburbs seem to be leading the way when it comes to buyer demand and some are already vastly outperforming the Perth average when it comes to days spent on market. Here’s a list of Perth’s top 15 undersupplied suburbs:
We’ve been hearing reports of under supply in some suburbs for months now so it’s great to see these anecdotes confirmed.
If you’re a buyer looking for a bargain, the window of opportunity could be closing.
And if you’ve been thinking about trading up your home or suburb, be mindful that if and when prices start to grow, the gap between where you are and where you want to be will start to widen.
Whilst no-one is expecting significant price growth in 2018, the expectation of further decline seems to have all but disappeared.
For more information in relation to the local market and a no obligation chat with regard to the potential sale price of your property, please call me on 0405812273.
Image Credit: Sky Perth