After a period of huge change, the Perth property market has come to a relative standstill. However, some outer suburbs are continuing to benefit from their desirable locations
The Perth property boom was never going to last forever, and after slipping into negative growth in the March quarter, things now seem to be back on track – albeit in a more low-key fashion.
Residex figures for the three months up to May show an increase of just 0.77% in Perth, while in country Western Australia the growth lingers at 1.63%. But according to Rob Druitt, president of the Real Estate Institute of WA(REIWA), these figures offer no surprises.
"It’s what we would have expected in the current post-boom market, but the fundamentals are still there for the market to move forward," he says. "There's underlying demand and it’s anticipated that the second half of the year will see a return to normal capital growth rates of 8–10% pa– a more sustainable, modest growth, but certainly in positive territory."
However, things are likely to remain unchanged in the next quarter. "We'd anticipate for June that our median house price will remain the same," says Druitt. "But getting into September–December we're going to see that underlying demand flow through the market."
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