Perth’s housing market has kicked off positively with home values set to rise by 6% this year according to predictions from RP Data CoreLogic.
Tim Lawless, head of research for CoreLogic expects housing values to rise in every capital city except Darwin. Melbourne is predicted to lead the charge with an estimated 14% growth, Sydney 12%, Brisbane 10%, Perth 6% and Adelaide 5%.
Mr Lawless believes that current economic indicators including population growth, lower unemployment, an improving resources sector and increasing migration levels collectively point to the market heading in a positive direction.
After a 5-year decline in Perth’s property market it is believed that we have finally reached the bottom of the barrel and have now experienced two consecutive months of growth.
Damian Collins, Real Estate Institute of WA president predicts that median prices in Perth’s inner and western suburbs will increase by a massive 6-7% with the overall market growing by a steady 3-4%.
“We have been through the years of pain in the WA market and we are finally going to have some time in the sun” said forecasting analyst Gavin Hegney.
This is a summary of the article “You can bet your house on 2020” by Peter Law | Friday 27th December 2019 | The West Australia. If you are a subscriber of The West Australia and wish to read the article online follow the link within the title.