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Perth listings lowest in 13 years as prices climb higher

Total property listings for sale in Perth have hit its lowest level in more than a decade, driving prices higher, with three city districts also tipped for plenty of upside potential, according to a national buyers’ agency.

Adviseable Property Buyer Kate Hill said the Perth property market had already been experiencing robust market conditions last year, but now a significant undersupply of listings is adding further fuel to property price upswings.

“According to SQM Research, total property listings in Perth in June this year were at the lowest level since May 2010 – or more than 13 years,” Ms Hill said.

“While many other markets experienced a lull or price retraction last year, the same can’t be said for Perth where prices kept rising as demand from homebuyers and investors increased.

“Now, we also have a situation where we have an undersupply of listings for sale, because many vendors are holding off selling because of the economic uncertainty or their inability to purchase another home for themselves.”

A recent report from Hotspotting identified Perth as the star capital city performer around the nation, courtesy of the city and regional WA delivering more areas with rising sales activity than anywhere else.

Ms Hill said demand from homebuyers and investors had continued to be elevated as buyers sought out affordable property as well as solid yields in a time of higher interest rates and low supply levels.

“The Perth median house price increased 2.7 per cent over the year ending June – the only capital city to post a positive annual result, according to the latest CoreLogic Home Value Index,” she said.
“Western Australia also had the biggest percentage increase in population in the nation – at 2.3 per cent – last year, which is putting further strain on the property market.”

Ms Hill said three districts in Perth were also showing plenty of promise for potential homebuyers and investors.

“The City Stirling has many strings to its economic and property bows with its proximity to the city being just one of them,” she said.

“One of its most attractive features is the diversity of its suburbs and property prices, which are desirable to all types of buyers – from first timers and upgraders to investors looking for strong capital growth prospects and excellent yields.”

Ms Hill said the Wanneroo district was also an area worthy of further inspection by property buyers.

“Can you imagine a region that runs along a pristine coastline but also has a gorgeous lake and a national park within in its boundaries and a booming economy and infrastructure program?” she said. 

“Of course, such a location is attractive to everyone – which means its property market has all the hallmarks of being a stellar investment location.

“The oasis I am talking about is the northern reaches of Perth, encompassing the Wanneroo local council area, which is located a mere 12 kilometres from the city centre and stretches north.”

Ms Hill said suburbs south of the Perth CBD should also be on the radar of buyers and have the added advantage of being strategically located in the city’s south-east transport corridor, which makes numerous large-scale employment nodes easily accessible.

“Further growth and opportunities are expected in the future, with the area marked for infrastructure development by the Federal Government, encouraging additional business, industrial and residential projects,” she said. 

“In a trend being experienced in other major markets across the nation, many of Perth’s stand-out municipalities are at the affordable end of the market, which includes the Cities of Gosnells and Armadale, which have three key strengths – affordability, strong yields, and excellent transport links.”


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