Perth property market making positive moves
For anyone looking to buy property in Perth, the current market is not only stable, but projected to continue this strong growth. If you have dreams of moving onwards and upwards towards the very top of the property ladder, then buying your very own new home building from apg Homes is going to be a great start.
The Real Estate Institute of Western Australia (REIWA) stated in an April 7 press release that there have been encouraging signs for months now, and those only seem to be the beginning of what could be a market rival for Sydney or Melbourne. This information is going to be welcome news for those buyers and builders among you who want to see capital gains down the line. A single-storey home design from our amazing apg homes collection is the best start you could hope for.
How will a growing market affect your property?
REIWA states that over the past three months, the median house price in Perth has been $535,000 - that's a significant step down from the exploding Sydney market, which CoreLogic RP Data reports has a median house price of over $1 million.
The average home buyer around the country, not only in Sydney, probably doesn't have that much money to throw at a property. That's another reason why Perth is such an attractive prospect. Spending almost half as much on the same piece of land is a no-brainer, but somehow Sydney keeps seeing sales.
"Pleasingly, since the Christmas and New Year period, there has been more balance and stability in the market with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter," said REIWA President Hayden Groves.
Over this first quarter of the year, the north- and south-west of the city experienced the largest growth in movements (23 per cent) while Baldivis, Morley, Canning Vale and Ellenbrook recorded "the highest volume of reported sales for the month of March."
When is the best time to make your move?
While the market is stable, there isn't a better time to buy than right now.
Perth is poised to bounce back from a bit of a dip after the end of the mining boom, and the rest of Western Australia is responding rather positively as well. A residential property report from Jones Lang LaSalle suggests that regions such as Margaret River and Bunbury - two picturesque cities south of Perth - have rebounded well after seeing poor median price changes. Bunbury had a 0.5 per cent increase while Margaret River saw 3.9 per cent.
Perth isn't far away from experiencing similar growth for a prolonged period of time, the market suggests. Get into the swing of things as quickly as possible and start your own new home building with apg homes.