The Western Australia property market received a major boost of confidence following release of the latest ABS employment figures which showed that nearly 50,000 new jobs were created in the State according to Shane Kempton, Chief Operations Officer for Professionals Real Estate Group in WA &NT.
Mr Kempton said that this major boost in new jobs has seen Western Australia’s unemployment rate fall by 0.9% to 5.7% last month.
“More than half of the new jobs created over the past year in the State were full time jobs and overall the jobs market is now marching forward. Currently, there are 908,500 Western Australians in full time jobs which is not far off our boom time peak of 954,700 full time jobs in 2012.
“Improving economic conditions in the State is driving this jobs recovery which is already having a positive impact on the local property market.
“For example, the number of vacant rental properties in Perth has fallen by over 2,000 during the past year while we are also seeing a steady decline in the number of properties listed for sale especially in near city locations.
“These fantastic employment figures should now give the green light for investors throughout Australia to buy into the Perth real estate market.
“Prices are still at rock bottom but that could quickly change as consumer sentiment rebounds during 2018 on the back of the improving economy.
“This improving sentiment is already being evidenced by greater activity by first home buyers during the early weeks of 2018.
“These first home buyers realise that now is the time to snap up a property at current prices before they rise.
“Professionals is finding that these first home buyers are now targeting near city areas such as Tuart Hill where you can still buy an established property for under $450,000.
“Older style units and villas in theses near city areas that only need cosmetic renovations are most in demand by first home buyers.
“Typically, properties in these near city areas are now selling for below their market value back in 2011.
“Once the market rebounds, these inner-city properties should quickly appreciate in value giving their owners a financial bonanza,” he said.