Perth Property Market Trends for 2014
PERTH, Western Australia- Demand for property in Perth suburbs will continue to outstrip supply with 2014 due to be another strong year, UDIA research said.
“Land developers are fast-tracking land releases and brought 55 per cent more lots to the market compared to 12 months ago, but new stages brought to the market are selling quickly,” CEO of UDIA, Debra Goostrey said.
September quarter figures released by UDIA indicated sales volumes were 43% above Perth’s ten-year average.
The most active areas were the City of Wanneroo, Baldivis and Byford.
“The industry is doing its best to keep up the supply of lots and it is absolutely critical that the government does not introduce any further restrictions on the supply of land to the market if we are to avoid the price hikes that occurred last decade,” said Ms Goostrey
“House approvals in Perth are already up more than 50% on levels 12 months ago and are running at the same pace as mid-2006 highs,” said Ms Goostrey.
The Institute’s predicted the upward trend in demand for land would roll well into 2014.
Land owners in Perth are starting to see the benefits of Property Development, with land at a premium and housing in short supply, investors are working on building unit developments on land across the city as a wealth generation strategy.
If you’re interested, speak to Ventura iD, Perth’s only dedicated property development brand for a free consultation.