Perth property market shows promising trends
Perth's property market is showing plenty of promising trends, according to a June 4 release from the Real Estate Institute of Western Australia (REIWA).
For those interested in locking down a new home building, the conditions certainly appear favourable.
According to REIWA President David Airey, lower investor and first home buyer interest has been evident in recent months. However, this has led to favourable conditions for those looking to secure their first property, as the by-effect is an increase in housing stock.
The market held up strong in the first quarter of 2014, dipping in April and May. While sales transactions were 5 per cent lower in May this year than in 2013, there are promising signs for the Western Australian capital.
"The number of properties on the market is trending back strongly towards Perth's long term average, up by 16 per cent in the three months to May and putting 10,665 properties up for sale," explained Mr Airey.
Certain areas are showing particular strength, too. For instance, during early May, the north-east region of Perth exhibited "stronger sales activity", according to Mr Airey.
The south-eastern Gosnells region performed favourably, too. Furthermore, the Shire of Kalamnunda and the City of Swan also exhibited strong activity when it came to house sales in early May, which is sure to please those looking to buy their first home.
There are plenty of advantages to buying new, and with builders in Perth ready to bring stunning house plans to life, now might just be the time to make a move.