New lot sales in Perth recorded their first quarterly increase in over a year, according to new data from the Urban Development Institute of Australia-Western Australia (UDIA WA).
The growth could signify the long-anticipated bottom of the market cycle, with positive economic factors starting to come together to create a more accommodative purchasing environment, according to Nick Allingame, UDIA WA’s president.
The improved sales volumes represent increased confidence in the market, with buyers seeing fantastic value on offer in a range of areas, Allingame said.
The number of lots sold across greater Perth rose 16.5% over the June quarter, with the average price sitting at $221,695, according to UDIA WA.
The North-West corridor has 32% of the new lots sold in greater Perth, the data showed.
The most popular areas for buyers are along the coast from Quinns Rocks to Yanchep, with the average land price at $209,177.
Sales in the North-East corridor also increased 10% for the quarter, with the average price in Swan sitting at $229,802. Rockingham also recorded an average price of land at $180, 402, according to the data.
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