In a much needed change, Perth’s property prices have finally seen a slight upturn for the first time in 18 months.
Overall property prices have finally risen by 0.4% in the month of November after a persistent decrease every month since April 2018, according to recent data by RP Data CoreLogic’s Home Value Index.
Perth’s property market has been in an economic slump and constant downturn for the past 5 years. Real Estate Institute of WA president, Damian Collins believes that this new data from RP Data shows the first real glimmer of hope that Perth’s property market has had for quite some time.
“We are on the slow path to recovery” said Mr Collins “People are always asking, when will the bottom come? All things being equal, the sentiment is optimistic that we have bottomed out and will return to moderate growth.”
“I have noticed buyers have gone from being very cautious to there now being a little bit of a shift towards anxiety about missing out of the best market in 30 years” said real estate agent Robbie Milligan who recently purchased a home in Floreat.
Mr Collins believes that houses within the $650,000 to low million dollar mark have had the strongest rebound potential due to job security and buyer confidence.
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This is a summary of the article ‘Perth house prices start to creep upwards with Real Estate Institute of WA declaring market’s ‘rock bottom’ has passed’ by Kim MacDonald | The West Australian | December 2nd 2019 | News | Page 11
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