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The future property market of Western Australia is expected to provide generous opportunities for tenants and buyers.
According to the Real Estate Institute of Western Australia president David Airey, the recent REIWA data, along with other external indicators, is pointing to a changing market in 2015.
“It is being affected by a fall in population growth from interstate and overseas, and a subsequent rise in the number of properties on the market,” he told Perth Now.
“Consumer sentiment is weak and despite very low interest rates, first home buyers are dropping away. People who own their home move less frequently than they once did.”
Mr Airey said with the jobs downturn in the mining and construction sector, rental listings are well above average, with more than 6,000 available properties.
“It’s likely to stay that way for some months,” he said.
“All this means 2015 will be an opportunity for buyers and tenants ... and more challenging for sellers and landlords.
“It will be more important than ever to consult with selling agents and property managers to agree on the right marketing strategies and fix on the most appropriate asking price or weekly rent, adjusted for the changing conditions.”
