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The latest economic data indicates that the WA economy is creating more green shoots that will help underpin the property market during 2018 according to Shane Kempton, Chief Operations Officer of Professionals Real Estate Group in Western Australia and the Northern Territory.
Mr Kempton said that the improvement on the State economy was underlined by the most recent national accounts that show after four years of tough times, there are finally some positive signs for WA.
“The local WA economy just recorded its first back-to-back quarterly increase in four years and over the past six months the WA economy, excluding imports and exports, grew about 1.3 per cent or a touch over $660 million.
“There also appears to be thousands of new jobs in the pipeline of in the resources sector.
“Just one project, BHP’s South Flank project in the Pilbara is expected to create several thousand new construction jobs.
“The rebound in the resources sector has been highlighted by the State’s environment watchdog, the EPA, which is now reporting a return to numbers of major projects not seen since the resources boom.
“The agency received about as many proposals “warranting” assessment in the five months since June as it did in each of the previous three financial years.
“Between July and last month, the EPA moved to assess 15 proposals ranging from iron ore, nickel, lithium and copper mines to transport, agriculture and land developments.
“These new projects should see an influx of highly paid workers to WA over next few years and this inturn will see a rising demand for both rental and owner occupier accommodation in the State.
“The number of vacant rental properties in Perth during 2017 has fallen significantly and a major upswing in the WA economy should result in rising rents for landlords.
“For astute property investors, now is a great time to buy a home in Perth as well as selected regional areas of the State.
“Property prices in Perth are now at their lowest level in more than a decade and current prices are unlikely to be repeated again.
“Astute property buyers can now purchase established homes in a large number of Perth suburbs with a median house price of less than $400,000.
“Professionals is already seeing a surge of enquiries from first home buyers as well as Eastern states property investors over the last three months and we expect this trend to accelerate during 2018 on the back on even more positive economic news for the State.
“Perth now offers property investors as well as first home buyers a great capital city location to enter the property market at rock bottom prices and with a low risk profile moving forward,” he said.