Market Wrap – April 2017

The first quarter of 2017 has seen a noticeable increase in enquiry for Blackburne product from both interstate and overseas buyers.

This comes at the same time as we’ve seen an increase in interest from eastern states based buyers shifting their investment attention across to the west coast of Australia.

The disparity now between house and unit prices from the East to the West is making WA very attractive astute investors. Sydney’s median house price has reached $995,000, Melbourne has shot to a record $770,000, while in Perth it is just $520,000.

The green shoots of recovery are beginning to show through with industry experts now agreeing that Perth is at the bottom, and with a 2.1% growth in value in the 3 months to January many are predicting prices will start to rise further in 2017.

A WA market wrap can’t be complete without the mention of resources. The sector has seen what started as a mini-boom 6 months ago result in a surge in commodity values with the all important iron ore price now having doubled over the past 12 months and evidence that the previously quiet labour hire firms are now picking up again.

Blackburne’s own recent enquiry levels and sales results show clearly that sentiment is strengthening and that buyers are confident that now is the time to get the best deals before prices begin to rise.

So, if you’re reading this and have been waiting for someone else to give you the confidence to lead the way in WA then you’re already missing out on the some of the best buying Perth has seen in over 30 years!