Australian Property Prices to Rise Slightly in 2017

When we were known as 4Land Property Group, we built a great reputation by providing house and land packages in the Perth area at affordable prices. Now that we are Origin Projects, we intend to continue providing the best prices for house and land packages at prime locations in the Perth area.

While we like to keep our prices as low as possible, even we aren’t immune from the economy. As inflation makes prices rise, we eventually have to raise ours, too. We are great at finding reasonably-priced property in prime locations to develop, but the price of land rises, too. The contraction of the resource industry has given relief to rising land prices in Perth and WA, but how long will it continue to do so?

The NAB recently released their latest NAB Residential Property Survey. The survey analyses the property market from the perspective of industry experts and NAB economists. According to Alan Oster, Chief Economist for NAB, prices will continue to rise in 2017, but at a slower rate than were originally projected.

Mr Oster believes that the largest rise of 1.9% will be in Brisbane. Meanwhile, he predicts that Perth prices be down by 2.7%. However, Mr Oster doesn’t foresee the “severe correction” that has been predicted by a lot of naysayers over the previous year.

What it Means for Our Land Estates in the Perth Area

For now, we should be able to keep our property prices stable. However, we can’t guarantee that construction of new homes won’t go up as the economy grows. While land prices aren’t rising, even moderate inflation or growth in the rest of the economy can cause the prices of both materials and labour to rise. When this happens, the price of a new home rises, too.

If you are thinking of buying a new home, now might be the best time to get the ball rolling. To learn more, call Origin Projects today: (08) 6500 4488.