BRIGHT FORECAST FOR NEW YEAR
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