Goodbye Doom & Gloom - Perth Property on the Upswing Again

Stressed & tense looking real estate agents, worried sellers with property sitting on the market for too long at too low a price, tumbleweed rolling through through sparsely attended home opens - there’s no doubting that the real estate sector has been a bit grim over the last few years as WA’s economy has come down from the staggering highs of the mining boom. But that was then, and this is now. Thankfully it seems that the clouds have finally parted and some sun is beginning to shine again on the state’s beleaguered housing market. With conditions set to improve over the next few years, it turns out that now might be the ideal time to buy before the recovery really kicks in.

Leading the way out of the doom-and-gloom of the post boom slump has been an increase in market confidence. “Low interest rates, combined with realistically priced new and established housing, have lifted market confidence, especially among first-home buyers,” says Landcorp acting chief executive Dean Munford. “Buyers are seeing an opportunity to get a foot on the property ladder as values start to climb...and the development industry is working harder to offer value for money in what has become a very competitive environment.”

Conventional wisdom tells us that confidence is absolutely crucial to a recovery in the market, so the signs that it is on the rise can only be a very good thing.

There are other factors pointing to an upswing in the near future. According to Harcourts WA chief executive Paul Blakely, “more positive commentary in the press on the improving mining sector and the level of new construction and infrastructure gazetted in and around Perth” are also very encouraging signs.

Here at Norup + Wilson, we’ve definitely felt the effects of this more positive atmosphere. “This has been the best start to the year we’ve had in a long time,” says director Dave Wilson. “We’ve had lots of interest in all of our projects and some very encouraging sales figures, so for us the recovery has already started.”

One driving factor behind our flying start to 2018 has been the very small number of apartment projects starting construction in the last few years. Landcorp acting CEO Dean Munford also says that “apartments have established themselves as a legitimate option for more and more buyers as they move towards a lock-up-and-leave lifestyle.” So with increasing demand and a limited supply, apartment complexes - especially modern ones in great locations like ours - are hot ticket items, so if you’re considering making the move to an apartment lifestyle you’re better off acting sooner rather than later.

So it looks like the bad old days are finally behind us and people in the Perth property market can smile and start to enjoy life once again. If you’re wondering how you can capitalise on this upswing and get in on the in-demand apartment market early then give us a call today or contact us here!

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