Perth's slumped property market is nearing bottom and long-term values is not solely reflected by gloomy market confidence, says Property Council of WA, Perth Now reports.
In an exclusive release by The Sunday Times this week, the council's recent ANZ/Property Council showed a drop in consumer confidence levels for eight consecutive quarters.
Only the commercial retail and retirement living sectors were gauged to have increased industry confidence in a survey participated in by 400 Perth property professionals.
In the past 12 months, there was a 24.8% decline in residential property confidence.
The council considers a rating of 100 "neutral", and WA's overall confidence was down to 96, making it the least from the most confident in Australia.
Despite the short-term struggles, Property Council WA's executive director Joe Lenzo believes that the market will soon bottom out.
"Property is cyclical and nobody can call exactly when the bottom will come," Mr Lenzo said.
"But it is true to say some of our residential members are starting to see investor bargain hunters.
"There are also some pockets, specifically around transport hubs or retail precincts, that are continuing to see good capital growth."
Despite the talk of low confidence, Property ESP director Samantha Reece is also staying optimistic pointing that the next 12 months will be productive for several areas.
"It is very dangerous when property predictors talk about the Perth market declining, because as with all generic statements, there are anomalies," Ms Reece said
"Perth at the moment is undergoing an investment overload, with key projects such as Perth Stadium, the Perth Freight Link and Elizabeth Quay."
Mark Whiteman, chief executive of Ray White, is also confident that 2016 will see a rise in investor activity.
"When the share market is struggling, investors always move to property because bricks and mortar are seen as a safer bet ... I think we'll see some of that happening," Mr Whiteman said.
"Foreign investors are also continuing to take an interest in Perth. They have more of a global view and those looking at the bigger picture are able to see WA as a very stable bet."
Recently, Melinda Di Biase invested on an off-the-plan apartment at the Psaros Sundance project in Scarborough.
Investing in a sought-after location boosts her confidence in the property's long-term value, says Di Biase.
"I didn't take the purchase lightly," Ms Di Biase said.
"There were many calls to financial planners and accountants.
"I try not to buy on impulse, and after a year of research, I felt confident that this was the right choice for me."
