Someone Just Searched For
Agents In

Long-term viability for Western Australia’s market

Agent Select / Property News / Long-term viability for Western Australia’s market

The market in Western Australia has passed its “intense” cycle, with signs of comfortable conditions in the foreseeable future, the director of a property developer says.

OpenCorp director Allister Lewison says the property market in WA has long-term viability for growth.

“The intense Western Australian property cycle has come to an end. Prices have reached the bottom and we are seeing signs of a turnaround in conditions for the foreseeable future,” Mr Lewison said.

Landgate data shows Perth’s median house price rose 2.8 per cent from August 2016 to March 2017, and monthly sales volumes rose from 1,088 in December 2016 to 1,392 in February 2017.

More signs of positivity come from CoreLogic which found that gross rental yield was at 4.4 per cent.

 

Extra incentives provided by the state government enable first home buyers to buy property at a reduced cost.

The incentives include a First Home Owner Grant of $15,000, up from $10,000, for building or buying a new home valued at $750,000 or less; a reduction in stamp duty between $430,000 and $530,000; and the Shared Home Ownership Scheme for specific property, as detailed in a Domain report and reported on by REBpreviously.

OpenGroup anticipates that a combination of low interest rates, affordable prices and state government assistance will continue to help the WA market. It expects purchases will increase for existing homes as well as off-the-plan developments.

Read the full article at Reb Online
Compare Agents in your area

Compare Agents in your area

We organise up to 3 of the best performing local Agents to appraise your property in an online report

Secure the best deal

Secure the best deal

Agent Select can then help negotiate the best deal. We can save you thousands of dollars!

Get a Property Valuation

What's your property worth?

Find out what your property is worth, current market conditions, suburb trends and recent sales.

Chat it over with our property expert Paul. Our local office number is 1300 040 463.

Whilst we strive to give you the best possible online experience, sometimes it's just nice to chat on the phone with a real person.

As Seen on TV

Home Lifestyle
One
Go
7 Flix
9 Life
Gem

Finding Your Property Information

This should only take a few seconds