Property Tipped to Bounce
As WA Opens it's Borders This Week
Perth house prices are bouncing back ahead of a surge some analysts predict could increase values by 10 to 15 per cent over the next six months.
Buyers are offering thousands above the advertised price for houses as fear of missing out in a market where homes are already selling fast sets in, with the opening of the state's border poised to bring more people into the equation in a market where some areas had no rentals available at all.
House values gained 0.6 per cent in October to a median value of $475,199, while unit prices rose 0.4 per cent, CoreLogic data released on Monday shows.
Property analyst Gavin Hegney said the opening of WA’s border on November 14 would push prices up over the next six months.
“They could easily rise between 10-15 per cent in the short term,” he said. “But that’s not across the board.”
Mr Hegney believed houses valued between $500,000 to $1.5 million near the city, where demand exceeded supply currently, would increase in value the most.
"People want houses, they're valuing a backyard at the moment," he said.
Mr Hegney said prices would need to rise by 10 to 15 per cent to bring WA’s median home value back into line with the rest of Australia.
The relaxing of border restrictions was good timing for the WA property market, which has been on a downward swing since the middle of 2014. Values had dropped in the order of 20 per cent over that period, Mr Hegney said.
Real Estate Institute of WA president Damian Collins said he had reports from agents that sellers were receiving up to seven offers and offering thousands more than the price advertised. He hadn't seen this since 2013.
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