BLACKBURNE FOUNDER AND MANAGING DIRECTOR PAUL BLACKBURNE
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.