After real estate sales in Perth dropped off due to the Labor Day long weekend, activity had rebounded by the middle of March, according to data from the Real Estate Institute of Western Australia. Craig Abbott, General Manager, WA, Raine & Horne said, residential markets in Perth are still bouncing along the bottom of the cycle, although there are pockets of positivity. “These pockets include western suburbs such as Subiaco, Clermont and Dalkeith and this activity suggests the overall Perth market will start to collect more steam in 2018.”
Meanwhile, the NorthLink WA transport link between Morley and Muchea which is driving commercial sales, will have long-term benefits for residential markets, noted Craig. The $1.02 billion NorthLink WA will facilitate improved traffic movements between commercial and industrial areas such as Malaga, Kewdale and the Perth Airport and the Perth CBD. Craig explains, “NorthLink is a massive project and is creating more jobs in infrastructure which is driving up consumer confidence.
“Buoyant consumers spend money, which is fantastic for retail trade and residential real estate activity too.”