The Perth market is set to regain the ground it has lost in the past few years seeing prices increase by at least 7 to 10 percent this financial year according to industry veteran and RE/MAX WA Managing Director, Geoff Baldwin.
“Despite July historically being the slowest month of the year there has been a marked lift in buyer interest across all price ranges and this renewed activity will almost certainly continue to increase as we move towards the warmer months”, he said.
“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.
“Although Perth real estate is not predicted to boom all pointers are that we are heading for a period of very strong, sustained growth and this is also expected to reflect in WA’s south west regions such as Bunbury and Albany and also north to Geraldton.
“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.
“House prices in many suburbs are down by 10 percent or more compared to 3 years ago however this slack will always be quickly taken up as the market rebounds.
“Right now there is a window of opportunity for buyers whereby prices are competitive, stock numbers are plentiful and the opportunity to buy at the bottom is now a reality however, as the days begin to warm up that window will close locking out those who leave their buying decision too late”, Mr Baldwin said.