Blackburne Founder and Managing Director, Paul Blackburne said he was confident that the state of the market was on its way to improving, despite what some other industry figures, he claimed.
“It’s disappointing to hear one of our fellow industry figures describing the market as having “recession-like” conditions, when already this year data has indicated that the property market may be beginning to improve,” Paul said.
“We’ve seen the unemployment rate fall by 0.3 points to 6.3 per cent for December, and REIWA data showing that the median house price has increased to $540,000 for the three months to 31 December.
“In addition, our own leasing team has seen strong enquiry and great results from their apartment leasing campaigns, and the vacancy rate across this stock is around 3 per cent.
“These are promising signs that indicate the beginning of confidence being restored in the market.
“Furthermore, interest rates are still at record lows, Sydney and Melbourne buyers are looking to invest in Perth, and a volatile share market is sending money towards bricks-and-mortar real estate investments – all indications of steadying market conditions.
“With this in mind, we pride ourselves on creating apartment developments located in areas close to local amenities, and exhibiting high-quality design features.
“Contrary to other commentary, many people, including young families, are choosing to live in well-designed apartments, with great facilities in central areas with good amenities, rather than being stuck out in the suburbs wasting two hours or more every day in commuting time,” he said.
To see what apartment developments Blackburne has on offer, visit www.blackburne.com.au/apartment-developments or contact Blackburne’s Senior Property Consultants on (08) 9429 5775.