The talk in real estate circles recently has predicted a year of strong growth for the Perth property market in 2013.
Some are tipping average house prices to rise by as much as seven per cent over the next 12 months, far outweighing potential gains in most other State capitals.
It follows a strong end to 2012, with median prices growing by 0.8 per cent, after getting off to a slow start.
While the figures bode well for another strong year, predicting what the market is likely to do can be a perilous business.
So let’s leave the number crunching aside for the moment, and focus on the basics.
For home owners, the upswing is undoubtedly good news because property prices will once again continue on an upward trajectory.
Buyers certainly won’t be in short supply either.
Population growth on the back of the mining boom shows no signs of slowing down meaning more and more people seeking property in Western Australia, and more specifically, Perth.
Combine this with record rental prices, low vacancy rates and low unemployment and conditions are ripe for a very strong year, indeed.
But what does this growth mean for those looking to enter the property market? Have they missed the boat? The short answer is: No.
The window of opportunity is well and truly open for first homebuyers, especially with interest rates at historic lows - and tipped to fall further this year. However, you need to make your move soon.
Some analysts have forecast growth of close to 20 per cent over the next three years, meaning the median house price could rise from $470,000 at the end of last financial year to $580,000 by the same time in 2015.
With this in mind, I would encourage people thinking of buying their first home - or re-entering the property market - to take the plunge in 2013.
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