The Perth property market could be on its way back up if one industry expert’s predictions are correct.
RE/MAX WA managing director Geoff Baldwin has released a statement predicting the Perth market will regain lost ground and experience significant growth in house prices this financial year.
“The records show that Perth follows the Sydney market in every cycle and there is little argument that Sydney is currently experiencing a record boom,” Mr Baldwin said.
“Although Perth real estate is not predicted to boom, all pointers are that we are heading for a period of very strong, sustained growth.”
Mr Baldwin believes prices will increase by at least 7 to 10 per cent in the next 12 months and regional centres such as Bunbury, Albany and Geraldton will also experience strong growth.
“House prices in many suburbs are down by 10 per cent or more compared to three years ago, however, this slack will always be quickly taken up as the market rebounds,” he said
Right now is the perfect time to buy in Perth, according to Mr Baldwin, while prices are competitive, stock is plentiful and because people who buy now at the bottom will benefit from the forthcoming growth.
“Interest rates are at all-time lows, resulting in mortgage repayments on homes up to $500,000 being comparable to rents being paid for similar properties, and making buying a home a viable option for many renters,” he said.
Despite July historically being the slowest month of the year, Mr Baldwin said there has been a marked lift in buyer interest at all price ranges.