Market Reports

Bruce’s Market Roundup – January 2017

2017-02-02

Happy New Year! 

Like most of you, I am happy to say that the slowest Perth real estate market in memory is now finally behind us. Last year will be remembered as a challenging experience for the industry.

The slow market of 2016 was associated with a weakened economy, job insecurity and low consumer confidence, with 2017 predicted to show some recovery and the emergence of some interesting trends.

Finally some good news for investors! Rising from the bottom of the cycle, the median house price rose by nearly 2% to $535,000 in the three months to December 2016 offering a more positive outlook for 2017.

Increased Affordability for First Homebuyers

Government has introduced a temporary $5000 boost to the First Homeowner Grant. First homeowners will now receive a $15,000 grant when purchasing or constructing a new property between January 1 and December 31 this year, creating more affordable options in a market that already provides many benefits for first home buyers.

Apartment Living – a popular lifestyle choice

We saw an oversupply of apartment living options in 2016 which is expected to ease in 2017. Fewer building approvals over the last 18 months and a heightened consumer demand will breathe life back into the apartment sector. More centralised apartment living is also set to increase in coming years as further developments are planned and constructed around the fringe of the Perth CBD with new café/restaurant strips following suit.

For any extra information if you’re thinking of selling, or if you’d like a second opinion, feel free to call me on 9328 2345 or 0419 965 137 any time. I can help.

Bruce Reynolds

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