New homes in Perth more popular
With the latest interest cut and the federal budget announcement starting to have an effect on the property market, it’s interesting to see what consumers intend to do over the next few months. According to the latest research from Roy Morgan, 1.3 million Australians intended to build or buy in the next 12 months.
Most interestingly, the proportion of Perthites ready to make a move completely belies recent deflated market conditions. Almost one in 10 Perth residents reported in the 12 months to March 2015 that they planned to build a new home or buy an established home over the following year.
The proportion of people ready to engage in the property market is significantly higher than the national average at 6.8 per cent, and much higher than Melbourne and Sydney at 8.3 and 7.8 per cent respectively. This bodes well for builders in Western Australia, although there is more good news ahead.
Another key finding is that half of those indicating they were ready to buy a home in Perth were contemplating building their own house or buying a newly built dwelling. For Melbourne, the percentage was only 43, while Sydney was lower at 38 per cent.
While one study does not a recovery make, new research from Westpac and the Melbourne Institute seems to corroborate these findings, with a jump in consumer sentiment in May of 6.4 per cent. This included a 5 per cent rise in those who felt it was a good time to purchase a home, and a 4.8 per cent increase in confidence amongst mortgage holders.
There were other areas of improvement as well, including family finance and expectations around employment. If the latest surge of confidence has inspired some thinking about building your own luxury home in Perth, make sure to get in touch with Exclusive Residence today.