Recent Bank Survey Confirms Perth Property Market Is On The Rise…

Recent Bank Survey Confirms Perth Property Market Is On The Rise… 01/11/2019

Confidence in Perth has jumped to second highest in the country as economic expectations improve.
Wishes have been answered as we walk into the new year with a very promising period for the Perth property market. The outlook for Perth is highly positive following the prolonged period the city has spent at the bottom of the market, according to the ANZ/Property Council Survey for the September 2019 quarter.

According to Sandra Brewer, executive director of the Property Council WA: “Across the board, the results from this survey paint an encouraging picture of the outlook for property in WA. Our run of four quarters of declining confidence has come to an end, and all the key indicators are now pointing back in the right direction”.

Consumer confidence in the market has risen to 134 index points from 125 points in the June quarter. This figure is higher than the national average of 128 index points and just behind that of SA. Brewer notes that capital growth expectations are also on the rise in Perth.

“In the residential sector, we’ve seen a much more moderate but nonetheless important shift in expectations for capital growth in house prices in the coming 12 months, which have also returned to positive territory”. This confidence in the property market has been accompanied by a boost in economic expectations across the country. “We have also seen a marked turnaround in expectations for national economic growth, moving from negative territory to be firmly back on positive ground” Brewer adds. The positivity surrounding Perth could be bringing more potential residents into the state, causing vacancy rates to fall.

Significant improvements are heading towards the Perth property market compared to other capitals in Australia. Perth is now experiencing a significant increase within the market and RRE are confident there is not a better time to start buying than now, just before the end of the spring season and the start of the holiday period.

Source: & Sam Saffioti

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