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WA braces for decade of property price growth

By Staff Reporter
07 January 2010 | 1 minute read

Western Australia’s property market could be poised for a decade of strong growth, according to one of the nation’s leading property developers.

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Nigel Satterley of Satterley Property Group told The Australian Financial Review that he expects property prices in Perth to rise a modest 6 per cent this year before a seven to eight year growth spurt of between 7 per cent and 10 per cent each year.

“There is population growth, growing confidence and for the first time in nearly two years we have actually seen people buying a block from, say, $285,000 to $550,000,” he told the daily.

“We haven’t seen people buying the more expensive blocks because they can’t sell their houses, and I guess they have a lot of things on hold.”

According to Mr Satterley, Satterley Property Group will accelerate the release of its more expensive holdings because of the increased demand for the “upper-market product.”

“All the sales in the past couple of years have been $180,000 to $240,000. Now there are indications of sales in the suburbs up to $550,000 – the market is alive.”

Data from the Real Estate Institute of Western Australia found that the median house price in September quarter was $462,000 – up from $420,000 recorded in the December 2008 quarter.

WA braces for decade of property price growth
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