Perth tipped to be next hot property hub
Article by Rebeccah Elley
With 9.8% of Perth locals planning to buy or build a new house or property in the 12 months to March 2015, Roy Morgan research has predicted Perth may become Australia’s next hot property hub.
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By comparison in the booming Sydney market only 7.8% of residents are planning a real estate move and 8.3% in Melbourne.
Out of those Perth locals who intend to invest in the property market, 50% are planning to buy a newly built house or apartment and 55% are after an established property.
In other areas of Australia property intentions were much lower than these three cities, with just 6.7% of Brisbanites, 5.8% in Adelaide and an extremely low 3.5% in Hobart.
Roy Morgan Research CEO Michele Levine said that the low interest rate environment has fuelled demand in what many see as an overheated housing market. “Intention in Perth is almost evenly split between new and established property, while in Sydney over 7 in 10 intenders want to buy established real estate.”
“So while around 220,000 Sydneysiders and 206,000 Melburnians keep prices high and auctioneers and agents busy this year, developers, builders and architects will be most in demand in Perth.”