The Perth property market has been seeing some turbulent times of late, but that looks set to change. The Real Estate Institute of Western Australia (REIWA) reported that the median house price in Perth increased to $540,000 in December 2015, which bucked a three-quarter trend of decreases prior to that. In September 2015, the price was down to $535,000, so the increase is not big but it is a step in the right direction. That could be good news for real estate in Bunbury.
As the Western Australian capital, Perth has significant influence over how the rest of the state behaves. With the commercial and industrial boom that the city has seen in recent years came fluctuating house prices and rapid expansion that some could not keep pace with.
According to the ANZ/Property Council survey through March 2016, confidence in the property sector in Western Australia dropped from 102 to 96, where 100 is neutral. State-wide confidence does have some outliers however, as PropertyESP director Samantha Reece states.
"It is very dangerous when property predictors talk about the Perth market declining, because as with all generic statements, there are anomalies."
Ms. Reece said that there are other major developments around the city that could have an impact on consumer confidence, including the Perth Stadium and Elizabeth Quay upgrades.
As the property market in Perth appears to be steadying itself, the reverberations will be felt both up and down the state. Bunbury, already with major developments underway in Koombana North and across two major shopping centres, will likely see a positive impact from WA's stabilisation. That could be good news for Bunbury renters and buyers as the improvements will provide a boost to the region, with greater retail attraction and accommodation making it even more of a tourist hotspot.
To discuss any prospects in the region, contact Ray White Bunbury today and learn what they can do to help you with your next step on the property market.