Sales spring back

Sunday, 1st Sep 2013

Perth’s property market is set to bloom further this spring following the best winter season the city’s had in seven years. Analysts predict increased sales and value growth, but now a “tearaway” market in relation to prices. The federal election, low interest rates and changes to first homebuyer’s grants for new-home builders would all add to what has traditionally been a busy residential sales season.

Momentum Wealth managing director Damian Collins said while there would be more sales and buyers in spring. Perth would not see “tearaway” price growth. Mr Collins said first homebuyers were still in the market, but there was not the same pressure from the rental market as earlier this year. “Rates are low, that’s going to keep them there, but with rental vacancies fairly high there’s no push from the rental market” he said. “That will start to taper off towards the end of the year.” Mr Collins said land supply would remain tight towards the end of the year, though the total amount of stock on the market would edge up towards Christmas.