The Perth market has experienced another very strong month and has recorded growth for the median house price over the 3 months to November 2017. This is expected to continue through the summer as the market is consistently reporting far better sales numbers than this time last year.
As we all know, property transactions are driven by the populations’ confidence in their financial position and the economy generally, this sentiment is measured by the Chamber of Commerce and Industry as the Consumer Confidence Index. As is often the case, it takes a bit of time for WA residents to absorb the positive news stories and this index has reflected exactly that. The turning point for the WA economy is widely considered to be July 2017 and this latest index has seen the uptick come through in the September 2017 polling. Medium-term confidence is now the highest level it has been since September 2014 and is trending upwards. You can find the September 2017 report here and links to the March and June 2017 reports here.
There was quite a comprehensive article written by Perth Now late November that discussed in detail the changes in the WA economy. All the signs are there of a recovery, from a large amount of new engineering jobs in the mining sector being created, new car sales increasing, retail spending increasing, along with the improvements we have been observing in the real estate market. They go into a fair bit of detail in this article which makes for very welcome reading.
Here at Candour we have found enquiries from potential clients looking at investing has increased dramatically this last month as people are looking to take advantage of purchasing at a low price before the market demand starts pushing prices up. In our November property segment we mentioned that investments in our most popular suburb are being purchased around $50,000-$60,000 under current market value with the investment property effectively paying our clients to own it as a result of the positive yield.
If you would like to know more the first step is to have a chat with Phil Bertram who can book in an appointment for you to find out how this works for your financial position. There is no obligation to proceed any further and he doesn’t charge for his time. All strategies are implemented in tandem with your Mortgage Choice Perth mortgage broker.
To arrange for Phil to call you please email him with your name and contact number on firstname.lastname@example.org and he’ll be in touch.