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State of Markets - WA March 2013

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

 

WESTERN AUSTRALIA

Resources still pushing market
The resources industry is still pushing the Perth CBD market forward, particularly in terms of employment, according to recent research.

More than half of office space currently used within Perth CBD is being occupied by resources companies, Y Research’s November Perth CBD Office Census has revealed.

This figure includes companies serving the resources industry.

Colliers’ Perth CBD Office Research and Forecast Second Half of 2012 report noted that “Investment-led economic activity in WA has persisted, despite a reported slowing of economic growth in China and a recession-hit European Union.”

However, the report also predicts a dip to 2011 figures in mid-2013 in “Perth CBD and west Perth white collar employment growth”, before a pickup in January 2014.

Short-term rentals strengthen
Short-term rentals are back in vogue, with holiday homes also getting a look in, according to RE/MAX WA managing director, Geoff Baldwin.

Short-term rentals have been more volatile, due to the nature of their reliance on macro factors, and this recent upturn suggests growing confidence in the economy, said Mr Baldwin.

“The holiday home market was one of the hardest hit sectors with the economic downturn. However, it is also one of the quickest to recover, hence there are currently some attractive opportunities for investors as the market again heads northwards”, Mr Baldwin said.

The average uptake for holiday accommodation was only 15 per cent, or around 52 days, over 2011. However, this average more than doubled in 2012.

“This lift in demand for holiday rentals will also attract buyers back to the market, after it has been neglected for the past three years,” he said.

For purchasers looking towards holiday homes, Mr Baldwin pointed out the areas of Madurah, Yunderp, Bunbury, Dunsborough, Guilderton and Yanchep as value spots.

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