Now Living Realty is starting to feel the effects of positive changes in the property market as the city moves towards healthier housing values.
Though Western Australia’s capital is still 21.3 per cent below its 2014 peak, January data from analytics firm CoreLogic shows Perth is slowly moving towards recovery after recording a 0.4 per cent rise in dwelling values over a rolling quarter – the first since some brief growth in May 2018.
Now Living Realty Manager David Gillon said a variety of factors had influenced the more positive market sentiment, including record low interest rates and increased borrowing capacities.
The government also announced an expansion of Keystart’s income limits, as well as the introduction of the First Home Loan Deposit Scheme.
Mr Gillon said these initiatives, alongside improvements in WA’s mining sector and falling rental vacancies, were seen to be contributing to confidence in the market.
“As rental prices rise as a result of the dropping vacancy rates, buying only becomes more attractive,” he said.
“Now Living Realty is starting to feel the effect of more positive market conditions, with key projects experiencing strong sales results.
“Since reaching completion, and with titles being issued in mid- December, our Cambria project
of 13 apartments in Clarkson has seen more than 50 per cent of apartments now sold or under offer.
“Arcana Lane, our 14-lot development in Spearwood, is another great example of improved project sales, with only two lots remaining.
“Townhouses start from $431,000 for the full turn-key solution and include high-quality finishes such as
Smeg appliances, stone benchtops and air-conditioning. Being located in very close proximity to Port Coogee, there is potential for this development to have strong growth if the market continues to improve.”
With strong growth rates being experienced in Adelaide, Brisbane, Hobart and Canberra, many have rated Perth to follow the capital cities with the most upside potential over the next few years.