Western Suburbs Weekly - - Residential -

What is your opin­ion of the past year in Perth real es­tate?

The prop­erty mar­ket is com­prised of many dif­fer­ent mar­kets, de­pend­ing on the type of prop­erty.

Land sales and es­tab­lished homes sales were slower than usual; how­ever, apart­ment sales for good projects were solid.

Some apart­ment projects were slow to sell but good projects that were wellde­signed and well-priced had steady sales.

En­quiry was very strong for apart­ments from lo­cal owner-oc­cu­piers; how­ever, many peo­ple are waiting to see what hap­pens this month.

What are your pre­dic­tions for the mar­ket in 2017?

It is a nor­mal part of the mar­ket cy­cle that there are a few years of strong growth fol­lowed by a few years of slower or even neg­a­tive growth.

We have now had two years of no growth and most econ­o­mists predict that 2017 will be the year that the mar­ket in Perth starts to grow again.

Now is cer­tainly the time to buy, as there is very lit­tle new apart­ment stock on the mar­ket and we see a sig­nif­i­cant short­age of apart­ments com­ing in 2017 and 2018.

There sim­ply aren’t enough apart­ments be­ing built to keep up with de­mand.

There is a large shift to­wards more apart­ment liv­ing – cur­rently about 15 per cent of peo­ple live in apart­ments and this will move closer to 30 per cent soon.

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