The prestige property sector is currently outperforming the rest of Perth's property market outlined in this months report.
"All we can say is that the economic key measures are tracking in the right direction"
The data in this report is sourced from Herron Todd White, who are one of Australia's largest valuation firms. They have 64 offices throughout Australia and over 850 staff. Each month, they publish a 'Month in Review' that provides an insight to the property markets of all states and capital cities in Australia. At Yaran we like to use this report, along with many sources of information, to keep our finger on the pulse of the Perth property market.
A lack of market confidence has caused years of soft market conditions. The supply of quality housing in prestige areas is well below current demand levels, contributing to the improved prices. As a result desirable western suburbs are experiencing rebound due to up-graders gaining confidence.
Because of the improved prices, sales volumes are relatively low restricting the market in numerous prestige areas. Notably, there is currently a high demand for properties representing near land value with close beach proximity and pleasant views. For downsizing baby boomers there are great prestige apartment options available. The prestige sector is expected to show a slight increase in price due to supply restrictions caused by increased confidence levels from buyers.
The shift in the prestige property sector explained in this months report offers interesting and exciting prospects to buyers who have been growing their confidence and are deciding if they want to take that next step.
If you would like to read this month's report in full, please visit the link below: