Summer is almost here, and Perth property is looking equally bright.
Over the past 6 months, we’ve seen the market stabilise, with fairly steady data recorded for the June and September 2017 quarters.
The Perth median house price was $517,000 for the three months to June 2017, and $515,000 for the same period to September 2017.
Experts at REIWA say historical trends show the market must experience a period of stabilisation before it can begin its next phase of upward movement.
With median house prices and sales volume maintaining momentum, REIWA believes the market is gearing up for an incline.
Recent forecasts from QBE Insurance Group’s Housing Outlook Report for 2017-2020 also support this claim, with figures predicting Perth median prices to grow by 3% by June 2020.
It is expected that Sydney’s house prices will fall by 0.2% within the same timeframe.
In the interim, recent Housing Industry Association figures show great improvements in affordability in Western Australia; over the past 2 years, loan repayments on median-priced houses in Perth fell by more than $260 per month.
So, what does it all mean for anyone thinking about buying property?
Basically, if you want to make the most of today’s low interest rates and affordable prices, then the time to act is now.
Even billionaire Kerry Stokes agrees; the Executive Chairman of Seven Group Holdings Ltd has declared that current Perth property market conditions are ideal for anyone looking to enter the housing market.
If someone like Kerry Stokes is prepared to put his reputation on the line in his support for the Perth market, then you can be pretty confident that buying now is the right decision!