2019 set to be Perth’s Bounce Back Year

12 Dec 2018| Posted by: Geoff Baldwin

After 5 years in the doldrums, 2019 is showing strong signs of a significant recovery in the WA economy and also in its real estate market according to Geoff Baldwin, Managing Director of RE/MAX WA.

In the recent WA State of the Economy report released by the State Government it is clear that WA jobs are critical to a recovery and there are plenty of signs of that coming to fruition in the short term with an additional 30,000 jobs added during 2018 and tens of thousands more on the horizon.

Around 30,000 additional Western Australians have secured employment since March 2017, exports are up and increasing with LNG, iron ore, gold and lithium, are expected to remain the major driver of growth in the short term. Around 12 billion dollars is already committed to major resource projects and infrastructure.

In the medium term, household consumption is expected to take over as the major driver of growth on the back of improving consumer confidence, population growth and a stronger labour market.

As the market historically slows over the Christmas and New Year period prospective buyers should think seriously about using this window to secure well priced property prior to what is almost sure to be a year where we see stock reduce resulting in upward pressure in prices. After being the second highest (to Sydney) back in 2008, WA is currently offering the lowest priced real estate in Australia so now is the time for serious to act.