Top signs that now is the time to purchase a house in the WA market!
Recently there has been doom and gloom in the WA property market and economy as a whole. People are constantly asking me, are we out of the current downturn, are we still at the bottom of the market, when do you see the market improving?
I believe that we are out of the trough and the economic downturn. These reasons are detailed below which have been sourced from credible sources.
1. Increase in Jobs and Job Postings
From recent commentary from the RBA, the WA market is improving. This has been through an increase in jobs and job postings primarily in the mining industry. This has the ability to stimulate the demand for houses in mining towns such as Port Headland and has had a flow-on effect in some of the suburbs in Perth Metro area.
2. Retail Sales have increased
The Australian Bureau of Statistics have released data showing retail sales by turnover volume increasing by its highest levels since June 2016. This shows an uplift in confidence in the market.
3. Increase in Property related enquiries
There has been an increase in property related searches through REIWA and realestate.com.au in the past few months. This has been mainly about new houses and not units.
4. Increase in House Sales activity
Recent data from REIWA indicated that there has been a 4% increase in sales activity for the week up to the 20th of September 2017. There was a 5% increase in house sales and a 7% increase in vacant land sales, however a 4% decrease in unit sales.
5. Increase in activity in Blue-Ribbon Suburbs
There has been a recent increase in house valuations and prices in suburbs where there is a high median house value. This has been in suburbs such as Scarborough, Cottesloe, Swanbourne and Dalkeith. This shows that in some suburbs the market has been on the recovery for a number of months.
From the above points, I believe that the housing market has passed through the bottom and is definitely on the increase. Now is time to look at purchasing your first house or your next investment property!