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The latest figures released by the Real Estate Institute of Western Australia show that the Perth property market is on the cusp of a major recovery this year.
CEO of Professionals Real Estate Group, Shane Kempton says Perth home values rose by 2.8 per cent over the fourth quarter of 2016.
“This is the first piece of positive news for the Perth property market in over two years,” Mr Kempton said.
“With a median house price of $535,000, Perth is now one of the most affordable capital cities in Australia to buy a home.”
Mr Kempton said it wasn’t so long ago that Perth house prices were nearly on a par with Sydney.
He said 2017 should see increased activity by eastern states investors in the Perth property market.
“The decline in new home building in Perth over the past two years has meant that the Perth rental market has now stabilised with median house and unit prices remaining steady over the three months to December 2016, holding at $380 and $340 per week respectively.
“As a result of competitive house prices and a steady recovery in the rental market, investors can now find very affordable homes in Perth that offer attractive rental yields compared to Sydney and Melbourne.”
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