Source: Sasha Karen – Smart Property Investment
According to an expert, a fall in properties listed for sale is indicative of a recovering market, creating a favourable outlook for the capital city.
Shane Kempton, CEO of Professionals Real Estate Group, has said that Perth’s recovery has been highlighted by a fall of 14.3 per cent of listed properties for sale over the last year to October 2017.
“This was the biggest fall recorded by any capital city in mainland Australia,” Mr Kempton said.
“This major fall in overall listings is very positive news for the Perth property market as there has been an oversupply of homes in the city causing a downward pressure on property values over the past three years.”
While listings have been falling, Mr Kempton also said it is also important to consider the rate of property sales of the last year.
“CoreLogic figures show that over the past year, overall property sales in Perth lifted by 1.8 per cent compared to significant falls in Sydney, Brisbane and Melbourne,” he said.
“Professionals expect property sales in Perth to gain greater momentum over the coming year based on the growing affordability of properties in the city.
“The median house price in Perth is now less than half that of Sydney and much lower than Melbourne.”
In addition, Mr Kempton mentioned that the state economy is thriving with a rise of employment, as published previously.
“All the property stars are aligning to make 2018 one of the best years for the Perth property market for several years,” Mr Kempton said.
“If you plan to buy property in Perth now is the perfect time to do so before the overall property market begins to move forward in 2018 and the fall in listings continue, meaning that buyers have fewer homes to choose from,” he said.