Home prices across Perth did not seem promising as 2016 kicked in but for people owning a unit prices are not a problem.
According to Domain, the home prices in Perth drop in in January. It was surprising because there have been slight growths in November and December 2015. A report from CoreLogic-RP Data states how Perth house values dropped by 1.2 in the month of January long and 4.4 percent lower than the previous year. On the other hand, prices for apartments and condo units look better.
Through the month of January, unit values were up by 2.6 percent, and unlike the house values in Perth, the units were only 0.4 percent down over the last 12 month period. but overall, the house values were up by one percent across the nation through January following a reported 2.7 percent increase in Melbourne and 5.3 percent increase in Hobart.
According to Tim Lawless, CoreLogic's heard of research, the housing market is showing signs that prices are stabilizing. Lawless said, "The bounce in dwelling values in January may provide an early sign that housing values across the combined capital cities are not likely to experience material decreases in 2016."
He continued, "We believe that the rate of capital gain across the combined capitals in 2016 is likely to be less than the 7.8 per cent experienced in 2015, driving by a slowdown in Sydney and Melbourne and continued softness in the Perth and Darwin markets."
In another news, a new tourist attraction has recently opened in the Elizabeth Quay in Perth. The new amusement destination will be filled with family-friendly activities and nightly laser and light water shows. The rest of this mixed-used waterfront development will be completed no earlier than 2018 but the newly opened amusement center is expected to be a new must-see for local and tourists alike. Hopefully this new development would contribute to the growth in Perth's real estate market.
