As we get into the full swing of 2018, things continue to look up as construction slows down.
There are many current indicators of improving market conditions but a slowdown in construction seems to be a big one. This major decline in the construction of new houses means that increasing demand for established homes should quickly absorb the available number of houses for sale (particularly near city areas of Perth).
We are also seeing growing signs that the State economy is improving with the latest ABS job vacancy figures showing there were 19,800 vacancies for November 2017 which was an increase of 2,000 compared to November 2016.
REIWA stats will show that currently we have 13,300 properties for sale, after 487 houses and units sold last week. The median house price is sitting at $512,000 and ‘days on market’ remain unchanged at 70.
A note for Peard Real Estates CEO, Peter Peard:
“Established suburbs close to the city will lead the housing rebound during 2018/2019 because the supply of houses in these areas are tight as they been least affected by the previous building boom.
Houses within a 10 kilometre radius of the Perth CBD should begin to increase in value during the coming year as there are indications that demand is starting to outstrip supply in these areas such as Leederville, Mount Lawley, Yokine, Doubleview, Victoria Park, Como and Manning”.
PERTH’S TOP SELLING SUBURBS
North: Bassendean, Perth, Butler and Dianella
South: Baldivis, South Perth, Spearwood and Victoria Park
WA’S HIGHEST GROWTH SUBURBS