As we navigate into 2021 with renewed optimism from our recovering economy, the Perth property market looks set to experience a prosperous year of growth ahead. Whilst Australia has weathered the storm of the Coronavirus lock downs and restrictions better than most nations around the world, it can also be said that Western Australia has led the way of all the states, with specific Perth suburbs starting off the year with positive signs of growth – in particular, Mosman Park, home to the Fairlight Apartments.
Mosman Park Off To A Great Start
It’s been a strong start to the year for the renowned 6012 post code, with housing prices in the Mosman Park area leading the growth rate for housing prices, up 15.2% year-on-year to a value of $1.4 million according to this recent article by Domain.
When you consider the Fairlight Apartments are priced from $469,000, there is huge potential for capital growth for savvy investors and owner-occupiers looking to acquire property in one of Perth’s most cherished locations at an affordable price point. Location-wise, Mosman Park has so much to offer in terms of lifestyle, convenience, accessibility and quality of life, as covered in our article Living In Mosman Park - A Day In The Life Between River And Sea.
Despite the associated challenges from last year’s pandemic, Mosman Park is enjoying a fruitful period of growth which looks set to sustain itself as the year goes on. This is consistent with the more affluent areas of the Perth market, in particular the Western Suburbs, where property prices have remained stable and relatively unaffected from external influences such as the mining downturn, excess stock levels and even extreme weather.
As a result, suburbs like Mosman Park have flourished and enjoyed a period of profitability for those wanting to sell, with property experts tipping this to increase further – great signs if you are considering investing in one of our boutique Fairlight apartments.
Source: CoreLogic
The Perth Property Market Recovery
As we reported in our latest article Investment Apartments Primed For Returns In 2021, there is now an abundance of current data available to forecast a strong year of growth within the Perth property market.
The latest reported data from the Domain House Price Report for the December 2020 quarter revealed Perth housing prices have experienced their strongest year of growth in six years, with median house prices enjoying a 3-year high and unit prices experiencing their highest median price in the past year, with both median prices sitting at $563,214 and $347,585 respectively.
Nicola Powell is the Senior Research Analyst at Domain, and when recently interviewed about the levels of affordability in the local market, she commented “Perth remains the second-most affordable capital city to purchase a house or unit. This affordability, together with record low home loan rates, generous government incentives and an improved economic outlook, has boosted buyer confidence.”
Forecasting Property Growth In 2021
Looking at the back-end performance of the market at the end of 2020, Perth led the charge of property market recovery, with dwelling values growing 1.1% in the December quarter, with home values across the nation also finishing 3% at the end of the year.
It’s a sign of things to come as our nation and state both look to recovery to pre-COVID levels, opening up the possibility of acquiring property at affordable price points in desirable locations whilst at the base of the forecasted growth curve.
Property experts have tipped a strong year of housing value growth and projected profitability for those who acquire property at the right point in the cycle. When asked about the early signs of growth within the local market, REIWA President Damian Collins described the early signs as being positive, with more to come in 2021.
In Mr Collins’ words, "Prices in Perth are seemingly tracking along at about 1 per cent a month in growth, well they have for the last three months, and so I think we have a pretty good 2021 ahead."
Since Western Australia is experiencing a strong period of growth, this has attracted further buyer interest from the Eastern States, with investors looking to enter the local market at affordable price points in order to maximise future capital gains, helping to drive upward pressure on housing prices even further.
Additional future events like the rental moratorium, which ends in March 2021, as well as the upcoming election, could have further impacts on price growth. There are also ongoing discussions around stamp duty reform and the housing incentives introduced to re-invigorate the property market which could also drive prices higher.
Inside the boutique, stylish and architecturally designed Fairlight apartments
Beating The Growth Curve
It’s no secret that the Perth housing market is set to experience a strong year of growth after already beginning with prosperity, in particular suburbs like Mosman Park, home to the Fairlight Apartments.
If you’re looking to invest, downsize or even just to relocate to one of the most desirable locations throughout the metropolitan area, now is the ideal time to strike ahead of the forecasted growth curve, which looks to have already begun.
With a series of 1, 2 and 3-bedroom apartments on offer, priced from just $469,000, it’s no wonder we’re now at over 60% sold. The developers are working towards an April 2022 completion date, with 28 February 2021 being the cut-off date for customising properties, so if you’re interested, we are now welcoming all interested parties to contact us to arrange an appointment to discuss availability.