Published on June 27th, 2013
Perth property sales tracking positively
New research from RP Data has shown that the residential property market in Perth has been tracking well over the year ending March 2013.
According to information released earlier this week (June 25), real estate sales in Perth have increased by 15.2 per cent more than the city's five year average during the year.
Over that twelve month period, residential real estate sales increased by 25 per cent in the city, showing an improvement from the soft market conditions seen prior to 2012.
This growth in property sales was especially seen in the metro market of Perth, possibly indicating that people were choosing to buy real estate in the city and inner-suburbs over regional areas.
Increases in sales have also been seen in Darwin, where the property market saw an increase of 15 per cent, bringing the level of sales to two per cent higher than the five year average.
These rises in property sales could be due to the large number of mining projects near these two cities.
The introduction of new mines in the area can create lucrative opportunities for investors looking to secure a rental property, or mining workers looking to buy accommodation to live closer to their place of employment.
Looking at sales results from other parts of the country, many of the capital cities contrasted with what was seen in Perth and Darwin.
In fact, the property market in Hobart tracked at -17.1 per cent lower than the five year average, and Canberra at -17 per cent.
National results showed that overall sales are 8.8 per cent lower than the five year average, but 2.3 per cent higher across the 12 month period.
This shows that although the market has been relatively subdued over the past five years, it could potentially be headed towards an improvement.