Perth Property Still Lagging, but Will it Last?18 Apr 2017
According to a recent CoreLogic study, Perth property prices fell 2.4% in February. This has headlines screaming “Perth property prices still tumbling down.” But are they really “tumbling down?” And will it last?
For the year from March 2016 through February 2017, though the fall has only been 4.4%. Units fell 2.8% in February and 5% over the year. However, cities on the East Coast are undergoing a property boom. In Sydney, homes went up 2.1% in February and 19.1% over the past year. Melbourne rose 1.5% in February and 14.2% over the year.
According to Tim Lawless, Head of Research for CoreLogic, “The annual growth rate across the combined capitals hasn’t been this strong since the 12 months ending in June, 2010.”
During the last ten years, Perth has seen property grow an average of 0.3%. Meanwhile, it has been 7.5% in Sydney and slightly higher in Melbourne. However, Sydney homebuyers are being “priced out” of the market at this point.
Perth Property: the Best Bargain in Australia?
While a lot of people like to forecast gloom and doom, we aren’t buying it for a second. To us, it’s only a matter of time before property values rise. We have seen values appreciate greatly since the crash in 2008. While our growth was stunted by the end of the mining boom, we still can’t see a scenario where prices don’t begin to rise commensurate with the rest of Australia.
As far as we are concerned, there will never be a better time to buy than now, especially if it is your first home. If you wait until the market starts rising again, you could be losing thousands of dollars. We specialise in developing properties for reasonable prices in places that offer a great lifestyle for now and the prospect for capital growth in both the short term and the long term.
We haven’t been wrong yet and we don’t intend to start now. To learn more or to enquire about house and land packages in the Perth area, call Origin Projects today: (08) 6500 4488.