Perth has yet to be impacted by low apartments sales compared to the east coast where in recent weeks, off-the-plan are down 15 per cent.
Apartments in central Perth have held their resale values over the past three years, according to research analysts PropertyESP.
Apartment sales activity was up 12.5% in the fourth quarter of 2019 as well as Perth’s apartment values rising 1.7% between November 2019 and February 2020, a figure not seen since the peak of the resources boom in mid-2013. According to JLL manager of strategic research Ronak Bhimjiani, this was likely pushed by the 75% stamp duty rebate on off-the-plan purchases.
With Perth’s property values already at the lower end of the property cycle, there has been less impact on valuation. Apartment prices are expected to remain steady as the market restabilises and returns to growth in 2021. Now is a great time to buy.
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This is a brief summary of the article ‘Can isolation inoculation hold for apartments’ by Katie McDonald | Business News | Thursday 4th June 2020.