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One rising network is setting new high-water marks in a market that has been better known lately for its lagging, setting the tone for a turnaround in the year ahead.
Professionals Real Estate Group is recording its best summer coastal sales season in Perth since 2015.
Chief operation officer for WA and the Northern Territory Shane Kempton said that property sales in the coastal areas of Perth were currently 20 per cent higher than in both the 2016 and 2017 summer seasons.
“Buyers understand the Perth property has now bottomed and they are moving quickly to secure a home before prices start to rise,” the COO said.
“This is particularly the case in the coastal locations of Perth where sales tend to be stronger during the summer months.
“Professionals is finding that sales are now much higher than the spring months and even higher than the summers of 2016 and 2017 because the Perth property market is now gaining more traction.”
Mr Kempton said that, unsurprisingly, much of the activity revolves around the first home buyer sector.
“For years, they had been locked out of the coastal market because of high prices and competition from investors,” the COO added.
“However, competition from investors has declined due to new lending rules being imposed by APRA, while property prices in coastal locations are now rock bottom.”
He also said that mortgage rates being at historical lows is helping.
Mr Kempton added that there is “very strong” demand along the coastal strip from Rockingham to Mandurah and along the northern coastal strip in areas such as Butler and Clarkson.
He said that first home buyers have a wide selection of homes here that can be purchased for under $400,000.
Mr Kempton also said that upgraders are creating “strong demand” in areas like Iluka, Ocean Reef, Mullaloo and Trigg.
“They are also taking advantage of record low interest rates to upgrade their home and take advantage of very competitive property prices in the top end of the coastal market.”
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