The mortgage brokers at Smartline Rockingham would like to wish you a happy and prosperous 2016. As we say goodbye to 2015, we think it would be helpful to give you a review of what happened with the Australian housing market, the Perth housing market and the local housing market.
CoreLogic RP Data has already amassed statistics for 2015. We would like to thank them for the statistics we are using for this article.
A Diverse 2015 for Australia
In 2014, all of the residential property in Australia was worth a combined $5.7 trillion. In 2015, that number grew to $6.3 trillion. This was a rise of 10.5% and has elevated residential property to the status of Australia’s largest asset class. However, it wasn’t great for everyone.
All of the capital cities combined had an 8.7% increase. However, the Perth market lagged at minus 4.1%. Luckily for us in Rockingham, Real Estate Institute of Western Australia (REIWA) figures show a growth of 5.1%.
No final figures are in, but first home buyers “remained at low levels” according to our parent company, Smartline. However, the market for first homes may be looking up this year, because more than 117,000 units and 115,000 houses have been approved for construction. This should increase the supply of new homes.
What it Means to You
The housing market is a dual-edged sword. Rising prices are good for both the market and the economy, but are bad in the short term for those who are buying homes. However, once you own a home, it is good for you if the market rises because it means your home is worth more. That’s why it is important to buy in an area that has a good market.
Call Smartline Rockingham Today
The Rockingham area is a perfect area to buy a home. It is family friendly and still providing capital growth. However, housing is also still affordable here when compared with inner ring Perth suburbs.
To learn more, call us today: (08) 9527 1800.