Western Australia Market outlook The WA property market is considered buoyant and is expected to return to more normal conditions on the back of solid population growth and a strong state economy. 57 per cent of our members say the market has been steadily rising in the first six months of 2013. Housing shortages and increasing population are among the numerous strong drivers underpinning Perth’s market. Perth also has a relatively low entry point, compared to Sydney and Melbourne. But even with the improved affordability, more is still required to see transaction volumes return to more normal levels, including stronger consumer sentiment, improved business confidence, better fiscal management of Australia’s economy and more stability in overseas and domestic economies. The Perth property market has been performing well with sales volumes up. However, buyers still expect good value for money and price continues to be a consideration for many. 72 per cent of members are saying their market has up-turned in their region, with 57 per cent expecting sales to increase in the second half of 2013 and 47 per cent expecting property listings to rise or stay the same. 43 per cent of our Western Australia members expect the average days on market (DOM) to fall, while 43 per cent say they will hold at current levels. Falls are expected particularly in Perth’s Midland and Wangara/Wanneroo region and the state’s Pilbara region. Perth vendors recorded an increase in asking prices for units of 2.3 per cent for the March quarter of 2013. First home buyer numbers in Perth are bucking the national trend. In the December 2012 quarter, 34.6 per cent of Perth’s home loans were taken out by first home buyers, well above the national average of 24.5 per cent.
2013 Property Market Outlook Mid Year Update | First National Real Estate
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