BRIGHT FORE­CAST FOR NEW YEAR

The Advocate (Perth) - - RES­I­DEN­TIAL -

WE are head­ing to­wards reach­ing the bot­tom of the res­i­den­tial mar­ket, so there re­ally is no bet­ter time to buy and great value on of­fer.

There has cer­tainly been some very tough years but the lat­est data is show­ing that it won’t be long un­til the worst is be­hind us.

There are some pos­i­tive signs of very early mar­ket re­cov­ery com­ing from the mid­dle es­tab­lished hous­ing mar­ket in sub­urbs such as Floreat and City Beach ($1-$2 mil­lion), which are hold­ing their val­ues and sell­ing faster.

I am con­fi­dent that in time this will have a flow-on ef­fect to the rest of the met­ro­pol­i­tan prop­erty mar­ket and add some buoy­ancy.

The num­ber one tip that I al­ways tell peo­ple is to look for real value.

Cheapest isn’t nec­es­sar­ily best – you want to be close to shops, schools, trans­port links and em­ploy­ment to max­imise your in­vest­ment in the long term.

After all, the fam­ily home is the largest in­vest­ment most peo­ple will make in their life­time. Hot spots: 1. Coastal: Kal­la­roo, Iluka and Pad­bury.

2. Close to Perth CBD and still af­ford­able: Joon­danna and Tuart Hill.

3. Well-es­tab­lished sub­urbs close to em­ploy­ment and ameni­ties: Hamil­ton Hill and Wil­lagee.

4. New hous­ing in high-growth ar­eas: Har­ris­dale and Piara Wa­ters. I BE­LIEVE prop­erty mar­ket con­di­tions in WA will con­tinue to favour buy­ers in 2018, with home prices ex­pected to re­main sta­ble.

The rate of new home build­ing and res­i­den­tial de­vel­op­ment is also ex­pected to con­tinue at present lev­els, with some scope for a mild in­crease and im­prove­ment.

First-home buy­ers in par­tic­u­lar will con­tinue to ben­e­fit from the range of gov­ern­ment and mar­ket in­cen­tives for new builds, as well as a much greater choice in hous­ing op­tions.

The chal­leng­ing and sus­tained WA prop­erty mar­ket con­di­tions over re­cent years have driven in­dus­try in­no­va­tion and we have seen the cre­ation of a new gen­er­a­tion of highly ap­peal­ing medium and high­den­sity hous­ing prod­ucts.

Th­ese in­clude ter­races and apart­ments de­signed to meet the needs of chang­ing life­styles and the grow­ing de­mand for af­ford­abil­ity.

In terms of lo­ca­tion, there is great value to be found across Perth in both land and newly-com­pleted homes.

Hot spots in­clude the rapidly grow­ing outer met­ro­pol­i­tan cor­ri­dors in Perth’s north­east, east and south, par­tic­u­larly for first-home buy­ers.

For peo­ple look­ing for a beach­side lifestyle, there is great value to be had in some prime coastal lo­ca­tions, with ex­tremely well priced land and house-and-land pack­ages avail­able. WA has come of age, with new and emerg­ing ac­com­mo­da­tion op­tions avail­able in a mar­ket which has re­port­edly bot­tomed.

Low in­ter­est rates, com­bined with re­al­is­ti­cally priced new and es­tab­lished hous­ing, have lifted mar­ket con­fi­dence, espe­cially among first-home buy­ers.

Buy­ers are see­ing an op­por­tu­nity to get a foot on the prop­erty lad­der as val­ues start to climb, al­beit slowly, and the de­vel­op­ment in­dus­try works harder to of­fer value for money in what has be­come a very com­pet­i­tive en­vi­ron­ment.

Lifestyle choices will con­tinue to re­flect a chang­ing and di­verse pur­chaser pro­file.

Homemak­ers are seek­ing to live in com­mu­ni­ties that of­fer a range of price points and good in­te­gra­tion with trans­port, amenity and ser­vices.

Precinct-scale de­vel­op­ment within ex­ist­ing sub­urbs will cre­ate a range of hous­ing op­por­tu­ni­ties for buy­ers to be­come part of an al­ready es­tab­lished com­mu­nity.

Re­search tells us apart­ments have es­tab­lished them­selves as a le­git­i­mate op­tion for more and more buy­ers as they move to­wards a lockup-and-leave lifestyle.

Our love af­fair with sub­urbs with good ac­cess to the coast will con­tinue.

The ex­pan­sion of our road and rail net­works will gen­er­ate new, af­ford­able lifestyle op­por­tu­ni­ties.

Nigel Sat­ter­ley, Sat­ter­ley Prop­erty Group chief ex­ec­u­tive

Dean Mud­ford, LandCorp act­ing chief ex­ec­u­tive

Bren­dan Gore, Peet Ltd man­ag­ing direc­tor, chief ex­ec­u­tive

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