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Perth property gets its bounce back as real estate market recovers

By Robert Kirk

PERTH’S north is leading the city’s property market recovery, with 12 of its suburbs identified as having steadily rising sales.

Alkimos, Carramar, Clarkson, Yanchep, Duncraig, Heathridge, Joondalup, Ocean Reef, Kingsley, Sorrento, Carine and Innaloo are all on the up, along with the southern suburbs of Kardinya and Leeming.

Perth has gone from having no growth areas six months ago to more than a dozen with consistent sales, the winter Price Predictor Index released by says.

“This is the best result for Perth since mid-2015,” the report says.

“Perth appears to be beyond the worst of its downturn and starting to recover.”

Three months ago there were only four markets with consistent and steadily rising sales activity.

The report said the market had recently touched the bottom and further improvements were expected later in the year.

Property Council WA executive director Lino Iacomella said there had been a pick-up in sales activity in the northern suburbs.

“It’s a typical forerunner to an improvement in the property market,” Mr Iacomella said.

“There’s a lot of expectation that within the next 12 months there’s likely to be a noticeable improvement.”

But Mr Iacomella said it was early in the cycle and price rises would depend on improvements in the economy and population growth.

Perth is emerging from its sixth downturn in 30 years in relation to sales transaction rates, according to the Property Council.

Paul and Lucy Barnes decided to take the plunge into the city’s property market after renting for the past 4 1/2 years.

The family are moving into their new four-bedroom home in Kingsley this weekend, just up the road from their old rental.

“We’d been looking for the past few years on and off and decided now was a good time to buy,” Mr Barnes said.

“It’s been handy in the current climate with lower interest rates and lower house prices.”

The 42-year-old fitness trainer and his wife Lucy, a 41-year-old accountant, wanted their children to attend the local primary school and Woodvale Secondary College.

Access to the train line, freeway, shops and being able to “spread out” on a 700sqm block were all bonus factors in the $625,000 decision.

Selling agent James Kennedy, of Peard Real Estate Hillarys, said the Barneses were typical of young families buying in Kingsley after renting nearby.

“It’s been pretty consistent in term of sales in Kingsley,” he said.

“It’s been my best real estate year in nine years.”

In another positive sign, the number of danger markets — such as suburbs with vacancy rates of more than 5 per cent — in Perth has almost halved in three months.

Kim Christian, PerthNow article link

Disclaimer: Accessing and using any information from this site is on the condition you read and agree to the following. Before making any financial commitment to any property you should seek professional advice from a qualified and registered financial advisor. While every attempt is made to keep the information accurate and current, this site should be used to locate properties of interest to carry out further investigation as to the viability and suitability of the investment property to your personal situation. Indicative returns on investment are just that ‘indicative’ being based on information provided from third parties in regard to sale price and expected rent to be obtained. They are not deemed to be the final return once all other costs e.g legal fees, stamp duty, rental fees, utilities connections and the like associated with buying a new home are added in. Using links from this site to other web sites and the like means you are accessing information from sites we have no control over, we will not be held liable for any loss incurred from the use of information from this site and outbound linked sites. Management of Empower Housing Group WA April 2019.

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