Perth property prevails

Source: The West Australian

Perth property is in the spotlight; people are finally understanding what makes Perth so desirable and are clamouring to the scene in fear of missing out.

Record low interest rates, our strong economy and our dealings with the pandemic have sparked interest from people interstate and overseas, and real-estate agents and developers are feeling the brunt. When we asked the impact he’d experienced, founder and managing director at Blackburne Paul Blackburne said he predicted the public’s desire for Perth and he’s happy the rest of Australia is realising too.

“We got it right, but we underestimated how quickly the demand for property in Western Australia would increase,” Mr Blackburne said.

“Any homes and apartments that become available to purchase are getting snapped up immediately.”

According to Real Estate Institute of Western Australia (REIWA) the median selling days in Perth dropped from 50 in June 2020 to 30 in September the same year.

During the December quarter the statistics show the average time it took for a Perth house to sell was nearly halved to 21 days, down from 38 days the year before — some homes selling before getting listed.

It is estimated Perth house prices could increase up to 10 per cent over the next year, particularly for mid to high-end properties.

There is also a driving demand from WA expats returning to the state and from overseas.

“There are attractive government incentives for home buyers, record low interest rates and a strong local economy that are making now a great time to buy property,” Mr Blackburne said.

“People are taking advantage of that and are seeing the benefit to apartment living.”

The upward trend was reflected by property analyst Gavin Hegney, who predicted the opening of WA’s boarder would push prices up.

“Mr Hegney believed houses valued between $500,000 to $1.5 million near the city, where demand exceeded supply currently, would increase in value the most,” WA Today reported.

Mr Blackburne predicts more people to skew towards apartment living after the success of his latest project ‘The Grove’ after he sold 70 per cent with-in six months of public release.

“We are seeing a severe lack of premium-grade residences in the Western Suburbs, meaning established local residents seeking to remain in the area are faced with an ultimatum: downgrade in quality or move out of the area,” Mr Blackburne said.

“We have always known that there is a shortage of housing supply and a high demand for larger high end apartments with good views in the Western suburbs, so we met a gap and will continue to do so.”

To keep up with the demand, and in response to the impact, Blackburne is set to build an additional 247 residences to the Western Suburbs.

There is a positive outlook for the Perth property market right now; Perth is finally catching up to the rest of Australia.

The Grove Residences – located at 1 Airlie Street in Claremont and situated on one of Perth’s most prized land pockets – is a 1.5 hectare site perfectly placed between Claremont, Cottesloe and Peppermint Grove. For more information visit the website.