Eastern Reporter Bayswater & Bassendean : 2020-01-09

RESIDENTIA­L : 12 : 12

RESIDENTIA­L

Hopes the worst is over PROPERTY experts are looking forward to 2019 with some optimism, but the banking Royal Commission and resulting credit crunch and a Federal election had a detrimenta­l effect on the market in 2019, with prices, sales and building starts continuing to decline. Things were looking grim and industry bodies joined forces to lobby the State Government to support the ailing market. Over the year a range of measures were introduced to boost the property market and while the experts say the effects have not been fully felt they, combined with low interest rates, improvemen­ts in the mining sector and economic conditions, have seen the mood lift in the industry. Add a slight increase in property prices towards the end of the year and an improving rental market, which saw the vacancy rate drop over the year, and WA property experts are feeling more positive about 2020. age also includes 200 additional shared equity opportunit­ies, as well as extending the relaxation of the Keystart income criteria and an additional increase to Keystart’s borrowing limit by $437.2 million. These are all positive moves for the market moving forward and we are hoping to see a lift in demand for housing off the back of these initiative­s. We are also amid record low interest rates that are predicted to drop further with more relaxed rules around access to finance. ting at 2.3 per cent in the three months to November 2019, which is a sign of improvemen­t. The housing market remains soft overall, with further declines in the median house price over the past year, although there are significan­t variations at the individual suburban level. The amount of stock available in the establishe­d market continues to suppress prices in many areas but recent data has shown the number of dwelling listings has been declining rapidly since March. Forward-looking indicators such as building approvals and finance commitment­s were soft, although the rate of decline has slowed, suggesting new housing activity is beginning to pick up. There are positive signs continuing to emerge for a general economic recovery in WA, with some improvemen­t in labour market conditions. Tanya Steinbeck UDIA WA chief executive THIS time last year we were predicting that residentia­l property market conditions would be flat for at least 12-18 months before a potential upswing. Unfortunat­ely, 12 months later we are still waiting for a sustained uplift but remain hopeful that the worst of the property market downturn is behind us and we are likely to see relatively stable conditions moving into 2020. A recent report from the Housing Industry Forecastin­g Group (HIFG), of which UDIA is a member, reinforced our expectatio­ns, predicting that dwelling commenceme­nts will remain flat for the next year, with a moderate lift in 2020-21 off the back of a range of more positive indicators, including in- with 15,608 actual commenceme­nts. Master Builders expects conditions to remain flat in the months ahead but with a subdued recovery over 2020. The biggest factor is population growth which, despite some improvemen­t, remained slow at 1 per cent in the year to March 2019. Population growth is a key factor in the recovery and is expected to gradually increase over the coming year. The rental vacancy rate has continued to fall, sit- creases to the Keystart income limits earlier in the year and reasonable signs of recovery in the state’s economy. Since the release of the HIFG report, the State Government has made a further announceme­nt of a $150 million housing investment package aimed at supporting more people into affordable housing while also boosting the housing and constructi­on sectors. On top of 300 new public housing homes, the pack- Jason Robertson Master Builders director THE data over the past couple of years on building approvals, finance approvals and dwelling commenceme­nts make it impossible to ignore the fact that residentia­l building has been going through a tough period. As an example, dwelling commenceme­nts in WA fell by 14 per cent in 2018-19, Happy New Year DIANELLA MORLEY 54 Delphine Avenue 26 Puttenham Street AUCTION / OFFERS $359,000 - $379,000 from Passmore Real Estate CHARMING FAMILY HOME ON EASY CARE BLOCK GREAT STARTER HOME IN PARKSIDE LOCATION 4 2 2 3 1 2 • Easy care on Inglewood border with 9km to Perth CBD • Dale Alcock built loft style home with 4 living areas • Auction Sunday 9th February 2020 at 11:30am (unless sold prior) • Rejuvenate­d 3 bedroom front home on 361 m2 block • Ducted air cond, solid timber doors, open plan kitchen • Great location to shop, transport, metres walk to park Give Your LOCAL Team a Call MARK & DEBRA PHILIP DIKOLLI 0411 870 888 0405 760 688 9275 0388 DIANELLA 58 Boddington Circuit MORLEY 7 Donna Street FROM $859,900 $399,000 - $429,000 RESORT STYLED FAMILY ENTERTAINE­R 4 2 2 3 1 2 LOVINGLY RENOVATED • Huge open plan casual dining/family and glamour kitchen • Alfresco, outdoor kitchen and heated swimming pool • Living room and generous, separate home theatre • Sleek modern kitchen with attached laundry/scullery combo • Polished timber floors, ducted air-con, crim mesh and alarm • Double carport, fully fenced with electric gate MARK & DEBRA JOE KNOWLES 0411 870 888 0409 077 625 42 Wellington Road, Morley | | Thinking of buying or selling? 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