In reviewing the top growth Suburbs of 2016 it’s clear that many Perth families have taken advantage of the buyers’ market to upgrade into blue chip areas, signaling the start of a market recovery.
Previously Suburbs like Fremantle and Alfred Cove would have been out of reach for many but with softening prices those with decent equity and a stable high paying job have managed to upgrade their home in 2016.
This increasing activity has put upward pressure on house prices landing 9 blue chip Suburbs in the top 12 growth list for 2016.
|Suburb||Sales||Median House Price (Sept)||Annual Change %|
Source: REIWA & Landgate
Upon looking deeper I can also see that the overall supply of houses for sale in Perth has started to trend downwards with each month since September having less properties for sale compared to the same time last year.
The positive signs are adding up to indicate a bottoming of the Perth market and the start of a recovery in certain areas. So what will 2017 hold for Perth Property?…
I am predicting the growth seen in the higher priced blue chip suburbs will ripple down to those price between $500,000 and $800,000 and unfortunately in the meantime I believe there will be more pain for the lower priced suburbs which suffered the most in 2016.