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The Perth property market is one of only four capital city markets where the number of property sales is on the rise, according to one industry expert.
Shane Kempton, chief operations officer at Professionals Real Estate Group in Western Australia and the Northern Territory, said that the March CoreLogic figures showed that sales for the key capital cities fell year-on-year, so it’s likely that the Perth and Darwin markets are ready for a boost.
“There were sharp falls in sales in Melbourne (-13.7 per cent) and Sydney (-9.4 per cent), which is a clear sign these markets have peaked and are on a downward correction,” Mr Kempton said.
“In contrast, the number of sales in Perth went against the trend and rose by +1.4 per cent over the past year, along with Darwin (+3.6 per cent), Hobart (0.3 per cent) and Adelaide (1.9 per cent).”
According to Mr Kempton, sale volume trends are a good market indicator and the upward trends for Perth and Darwin were positive signs.
“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 pent-up demand for property in these two capital cities,” the CEO said.
The Perth and Darwin marketplaces have undergone a market correction over the past two-three years, according to Mr Kempton.
These new figures show that an upward swing in sales is occurring and that now is the time to buy.
“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,” the CEO said.
The lack of new homes being built will also have a flow-on effect as the supply tightens, leading to increased rents.
“These higher rents will also encourage more people who are currently renting in these two cities to consider buying a home, especially with interest rates now at record lows,” Mr Kempton said.
Shane Kempton, chief operations officer at Professionals Real Estate Group in Western Australia and the Northern Territory, said that the March CoreLogic figures showed that sales for the key capital cities fell year-on-year, so it’s likely that the Perth and Darwin markets are ready for a boost.
“There were sharp falls in sales in Melbourne (-13.7 per cent) and Sydney (-9.4 per cent), which is a clear sign these markets have peaked and are on a downward correction,” Mr Kempton said.
“In contrast, the number of sales in Perth went against the trend and rose by +1.4 per cent over the past year, along with Darwin (+3.6 per cent), Hobart (0.3 per cent) and Adelaide (1.9 per cent).”
According to Mr Kempton, sale volume trends are a good market indicator and the upward trends for Perth and Darwin were positive signs.
“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 pent-up demand for property in these two capital cities,” the CEO said.
The Perth and Darwin marketplaces have undergone a market correction over the past two-three years, according to Mr Kempton.
These new figures show that an upward swing in sales is occurring and that now is the time to buy.
“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,” the CEO said.
The lack of new homes being built will also have a flow-on effect as the supply tightens, leading to increased rents.
“These higher rents will also encourage more people who are currently renting in these two cities to consider buying a home, especially with interest rates now at record lows,” Mr Kempton said.
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