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The rapid recovery in the Perth property market has been highlighted by a significant fall in the overall number of properties listed for sale in the city according to Shane Kempton, Chief Operations Office of Professionals Real Estate Group in Western Australia and the Northern Territory.
Mr Kempton said that latest Core Logic figures for the year ending October 2017 show that the total number of properties listed for sale in Perth fell by 14.3%.
“This was the biggest fall recorded by any capital city in mainland Australia.
“Other capital cities to record falls in property listings were Melbourne (-1.7%) and Darwin (-1.9%). In contrast, listings increased in Sydney (+19.5%), and Canberra (+14.4%) Adelaide (+8%) and Brisbane (+2.5%).
“This major fall in overall listings is very positive news for the Perth property market as there has been an oversupply of homes in the City causing a downward pressure on property values over the past three years.
“An important factor in falling listings in the Perth property market has been a pick up in property sales over the past year.
“Corelogic figures show that over the past year, overall property sales in Perth lifted by 1.8% compared to significant falls in Sydney, Brisbane and Melbourne. In Melbourne, for example, the total of over all property sales fell by 11.8% over the past year.
“Professionals expects property sales in Perth to gain greater momentum over the coming year based on the growing affordability of properties in the city.
“The median house price in Perth is now less than half that of Sydney and much lower than Melbourne.
“At the same time, the State economy is improving with a significant boost in full time employment which is boosting confidence amongst first home buyers in the State to purchase a home.
“All the property stars are aligning to make 2018 one of the best years for the Perth property market for several years.
“If you plan to buy property in Perth, now is the perfect time to do so before the overall property market begins to move forward in 2018 and the fall in listings continue meaning that buyers have fewer homes to choose from,” he said.