SATTERLEY PROPERTY GROUP CHIEF EXECUTIVE NIGEL SATTERLEY
What is your opinion of the past year in Perth real estate?
Australia is one of the greatest countries in the world to invest in residential land development.
Property is a very sound investment product and I believe Australia will benefit greatly from Brexit and the Trump election.
We have seen other Australian states take off; however, Perth is still in the lower end of the property cycle.
Over the past 12 months we have continued to see a slight adjustment, with a decline in prices in WA.
Even though we have had steady and low interest rates, consumer confidence has been down due to job security and the decline of the resources sector.
What everyone must remember is that the property market is cyclical and Perth will have its time again.
Property is a safe, long-term investment for families.
What are your predictions for the market for 2017?
I don’t believe we will reach recovery mode in the property market for at least another 18 months, so this year will be very similar to the past year, which makes 2017 the right time for those wanting to upgrade, invest or enter the property market for the first time.
There may be another slight adjustment to residential prices before it bottoms out.
It’s absolutely a buyer’s market and the perfect time to enter or buy that investment property.