If you look past the eastern-centric headlines and examine the Perth market, the future is looking brighter because it is recovery o’clock in the west. We are moving into a new phase, slowly mind you but surely. Following are some things which may indicate that the swing is on the up:
1. According to the Cordell Construction Report monthly, WA has a really low number of apartments, units, industrial, and commercial projects in the development pipeline which will see supply decrease. It’s the opposite in the east.
2. There are a large number of mining, civil and community works coming up that will and have created more employment.
3. Through the grapevine, I’m hearing whispers of an up-and-coming land shortage. Most of the parcels of land around WA for development have issues that require lots of money or time to resolve.
4. More developers from the eastern states are looking at land deals in Perth as they feel their market is too hot.
5. Larger investment groups and individuals that have been focussed on the eastern states for some time now and are seriously looking in Perth for bargains.
6. According to REIWA, the volume of properties leased in May exceeded 4,900 and their analysis shows Perth has never experienced leasing figures this high before.
It could be time to snap up a bargain or two.