Perth market making a slow recovery

The pendulum is swinging and it seems that the Perth property market is finally moving into a recovery phase after a few challenging years.

According to market analyst and columnist Terry Rider from “Hotspotting”, Perth is over the worst and on its way back, as evidenced by suburbs where sales activity is growing stronger. In his latest research, he identified 12 growth markets, a rising number of suburbs with consistent sales and fewer “danger markets”. This is the best result for Perth since mid-2015.

He goes on to say that four precincts dominate this brighter picture of the Perth market: the Wanneroo and Joondalup LGAs in the far north and two solid middle-market areas, the Stirling and Melville LGAs.

This is great news for clients/buyers of Origin Projects estates, as both Pafumi Rise in Landsdale and Lago Vista in Sinagra fall under the Wanneroo LGAs in Perth’s northern suburbs. Sales evidence at Pafumi Rise is supporting the forecast of a market revival, with Stages 1 and 2 selling out quickly and the last five remaining blocks at the Estate now discounted for a quick sale. There is also strong buyers’ interest, specially from first home buyers, in Lago Vista, Sinagra.

Another positive sign for Perth is that there is a decrease in the number of danger markets (where sales activity has dropped to levels well below what might be considered acceptable in a “normal” market). According to Terry Ryder, if the current trend continues, danger markets may even disappear from the Perth property scene later in the year. This is positive news for those thinking of entering the property market, whether you a first home buyer, second home buyer or investor.