What regions are Millennials moving to?
The March quarter saw migration into regional centres from capital cities increase by 16.6 per cent, with this trend lar...
Despite property sales falling nationwide, Perth and Darwin are some of the country’s better-performing capital cities and could be seeing more growth soon.
Shane Kempton, chief operations officer for Professionals Real Estate Group in Western Australia and the Northern Territory, claimed that and Darwin markets have been performing well in terms of sales, despite CoreLogic statistics pointing to sales for all capital cities declining 8.8 per cent year on year.
“There were sharp falls in settled sales in Melbourne (-13.7 per cent) and Sydney (-9.4 per cent) which is a clear sign these property markets have peaked and are on a downward correction. Settled property sales also fell sharply in Brisbane [(-12.0 per cent)].
“In contrast, the number of settled sales in Perth [(+1.4 per cent)] went against this trend and rose by … over the past year along with Darwin (+3.6 per cent), Hobart (+0.3 per cent) and Adelaide (+1.9per cent).”
Mr Kempton said by looking at sales volume trends, investors can assess how the property market will trend in the future, and that this can be seen in both Perth and Darwin.
“Affordability is now driving an upward swing in property sales both in Perth and Darwin as these two markets have undergone a major market downward correction over the past two three years,” he said.
“Professionals are predicting that this upward trend in property sales in both Perth and Darwin will continue during the autumn and winter months because of the pent-up demand for property in these two capital cities.
“Many buyers in these two capital cities have been sitting on the sidelines, waiting for the market to bottom, and many understand that now is the time to buy.”
Mr Kempton also said both Perth and Darwin have seen declines in new home construction over the last two years, which may lead to the tightening of property and pave the way for future growth.
“Professionals have also found that the rental market is tightening both in Perth and Darwin which will lead to higher rents,” he said.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.