More evidence WA property close to turning point
More evidence has emerged the WA property market is close to its cyclical low-point before a recovery, according to Property Council analysis of annual property transactions processed by Landgate.
“There were 66,165 real estate transfers recorded in WA in the year to June 2017, which is 7.5% less than the previous year and 27% fewer transactions that the recent market peak in 2013/14,” Property Council WA Executive Director Lino Iacomella said.
“The number of real estate transactions in WA in 2016/17 was also the lowest since the historical low-point in 1991.
“In the last 30 years there have been six cycles in the WA property market with an average of 5 years between market peaks. The most recent market peak was three years ago in 2013/14.
“These results correspond with recent sentiment surveys that show the WA property market is close to bottoming out before a traditional recovery in property transactions emerges.
“The ANZ/Property Council WA property industry confidence survey, released last week, showed a slight pull back from the surge in sentiment earlier in the year. This is typical of a recovering market.
“But market recoveries should not be taken for granted and the property sector in WA will be looking for growth initiatives in the upcoming State Budget.
“This includes job-creating programs to grow WA’s population and the introduction of a State infrastructure strategy to guide major projects into the future, grow business confidence and keep WA growing,” Mr Iacomella said.
Media contact: Lino Iacomella | M 0417 501 974 | E [email protected]