Western Australia Major developments, infrastructure projects and regulatory changes expected to impact on the Western Australian property market in the coming six months include: } The announcement in the federal budget of development projects in the Swan Valley bypass to Muchea } Road upgrades to Tonkin Highway and Leach Highway, and } The $500 million over 10 years for the Perth Public Transport Package including the MAX Light Rail project and Airport Rail. These will impact confidence in these regions and property owners and investors are set to reap the many resulting benefits.
Residential Property experts predict Western Australia is expected to lead property prices growth in the coming 12 months, with a rise of 3.8 per cent.
Prices The median house price in Perth is now $510,000, a new record, driven by a lift in turnover and more sales activity above the median price. There was a marked increase in sales between $500,000 and $1,000,000, a healthy illustration of consumer confidence through trade up activity. With steadily improving market conditions, property prices are expected to gradually improve According to 57 per cent of members, house and land prices are expected to increase, or remain flat (29 per cent). While these figures reverse for apartment/strata property prices, where 57 per cent of members expect prices to remain flat and 29 per cent expect them to trend upwards.
2013 Property Market Outlook Mid Year Update | First National Real Estate
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