Housing in Perth was “flat” for much of 2015 but recent statistics indicate it is picking up. As mortgage brokers who serve Rockingham area suburbs such as Kwinana, we have had the good fortune to be in one of the better Perth market segments but this is good news for the overall Perth market.
Recently, the CoreLogic RP Data numbers for the three months through 31 January were released. Perth showed a 1.7% increase in property values during that time. Values had been dropping for the last half of 2015, so this is great news for property owners who want to see their biggest investment prosper. For comparison, values were down 4.1% over the year 2015.
Home values across Australia rose 0.9% over the month. For the year, Melbourne property values rose 11%. Sydney saw a 10.5% gain. Capital cities overall grew 7.8% in 2015, in no small part due to Melbourne and Sydney.
According to Tim Lawless, Head of Research for CoreLogic RP Data, “I think the positive quarterly result really does highlight that (Perth) isn’t falling off a cliff.”
What it Means to You
Property is still a great investment. While there are dips in the market from time to time, those who buy homes in great suburbs like Rockingham and Kwinana and hold onto them for even ten years usually benefit from capital growth that is better than most other investments. While shares have a potential for massive gain, they also have a potential for total loss. Ultimately, property is the safest investment you can make in your future.
If you are looking for your first home or your first investment property, it might not get any better than right now. Property prices flattened last year, keeping them lower than they could be and interest rates are still at a record low. It would be wise to enter the market before both prices and interest rates rise.
Call the Mortgage Brokers at Smartline Rockingham
To learn more or to get pre-approved for a home loan, call Smartline Rockingham today: (08) 9527 1800.