Consumer confidence returning to Perth property market.

After months and months of people asking me if we’ve hit the bottom of the trough of the Perth property cycle, I have been buoyed by recent reports that in fact we have, and we are now seeing signs of a steady recovery.

According to REIWA, consumer confidence is on the rise as the Perth property market continues to stabilise. Recent reiwa.com data showed prices held steady in March with the median house price achieving modest growth to $517,650 and the median unit price unchanged at $407,000.

REIWA President Hayden Groves has been reported saying that consumer sentiment in WA was the highest it had been since the height of the resources boom in mid-2013 and that optimism among sellers appears to be returning, with reiwa.com data for March showing listings for sale increased 3 per cent over the month.

The REIWA data is backed up by Core-Logic data which states Perth prices have growth 0.3 per cent in March and risen in four of the last 6 months.

Finally, Domain.com supports this sentiment saying the ANZ Economics data shows house prices will push modestly higher this year and pick up pace in 2019. The absence of higher ‘official’ interest rates will also support house prices, according to ANZ, with the bank’s economists seeing strengthening national property prices into 2019, Perth included.

Source: Domain.com