There are upsides to the softening of the property market in Perth.
IT’S a buyers’ market now in several areas in Perth, including Beeliar, Southern River and Piara. With increased supply of newbuild apartments and houses, buyers can now haggle over pricing and purchase property at below replacement costs.
News.com.au recently published a list of Perth’s Top 10 Buyers’ Market allowing property hunters to negotiate on pricing.
PERTH’S TOP 10 BUYERS’ MARKET LIST
2 Southern River
4 Piara Waters
7 Jane Brook
8 East Perth
That said, the Commonwealth Bank CoreLogic Home Buyers Index suggests that while there is still a continued high level of discounting, demand at Perth is at an equilibrium – a situation with implications that is described as “good” by Commonwealth Bank general manager of home buying, Dan Huggins.
This is because, with more new developments on the market, rents will start to fall and the fluctuation cycle is inevitable. Property valuer and commentator Gavin Hegney explains it best:
“There are always fluctuations, but when it’s truly not a buyers’ market any more you’ll see listings down, you’ll see a lot more sold stickers on signs, rents will improve and values will have lifted more than 5 per cent. But as a buyer, you don’t want to wait until it’s obvious the market has turned.”
As all property markets go through a cycle, it may work to a buyer’s greatest advantage to get into an area that might temporarily be in a low, but popular in the long term.
Read on here: http://bit.ly/1k6fkcH
Part 2 of this blog posting will cover some of the suburbs listed in the Top 10 Perth Buyers’ Market List. Watch this space!
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