{"id":6647,"date":"2015-12-13T01:00:05","date_gmt":"2015-12-12T14:00:05","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=6647"},"modified":"2015-12-13T01:00:05","modified_gmt":"2015-12-12T14:00:05","slug":"perth-wa-property-market-in-2016","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/perth-wa-property-market-in-2016\/","title":{"rendered":"Perth &amp; WA property market in 2016 &#8211; Damian Collins"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show <strong>Damian Collins<\/strong>,\u00a0from Momentum Wealth in WA,\u00a0looks at what\u2019s ahead for Perth property.<br \/>\n&nbsp;<\/p>\n<h4>Transcript:<\/h4>\n<p><b>Kevin<\/b>:\u00a0 As we look around Australia, it\u2019s just so interesting to watch all the different markets, and we\u2019ve seen a bit of a topsy-turvy market in Western Australia, specifically Perth, in recent times. Let\u2019s head that way now and get a bit of an insight as to what\u2019s happening in that Perth market. If you\u2019re an investor there, you\u2019re going to be hanging off the words of Damian Collins from Momentum Wealth in WA.<br \/>\nDamian, thank you for your time.<br \/>\n<b>Damian<\/b>:\u00a0 Pleasure, Kevin.<br \/>\n<b>Kevin<\/b>:\u00a0 Would it be too rude to say that Perth is a bit of a cot case?<br \/>\n<b>Damian<\/b>:\u00a0 I think that\u2019s on the harsher side, Kevin. Look, it\u2019s definitely a market that\u2019s had a pretty average year. You\u2019ve found that the rental vacancies have gone up and prices have come back. Depending on the properties in the areas, some areas have actually flat-lined and even marginally gone up, but a lot of areas have come back 5%, and you get some of the more extreme areas that have come back between that 5% and 10%.<br \/>\nIt\u2019s certainly been an impact of two things. Obviously, the mining downturn has meant fewer people coming into Perth. We haven\u2019t seen a huge amount of people leaving. There have been some, but by and large, it\u2019s just been less of an influx.<br \/>\nWhat\u2019s caused the biggest issue for the over-supply is the government threw a lot of money at first-home buyers and we had record building over the last 12 to 18 months and that\u2019s what\u2019s caused, I guess, a lot of extra supply in the market and also caused the rental vacancy rates to rise with first-home buyers taking advantage of all the free money from the government and going and building new homes.<br \/>\n<b>Kevin<\/b>:\u00a0 I was in Perth not too long ago, and I noticed a lot of work happening down on the foreshore there. There was a fairly big development. I just can\u2019t recall the name of it, but I understood that there are a lot of units being built in there, as well, Damian.<br \/>\n<b>Damian<\/b>:\u00a0 That might have been Elizabeth Quay, Kevin, right on the water in the city.<br \/>\n<b>Kevin<\/b>:\u00a0 That\u2019s the one.<br \/>\n<b>Damian<\/b>:\u00a0 There are a lot of units planned for there. There\u2019s a hotel. Also Chevron is going to build an office down there, albeit that\u2019s been put back for a couple of years.<br \/>\nWhat you\u2019ll find with a lot of the inner city apartment supply is that because the market\u2019s a bit softer, it\u2019s not all going to get off the ground. It\u2019s all very well to advertise and promote it, but if you don\u2019t get the pre-sales, the banks generally won\u2019t fund that project.<br \/>\nThere is a bit of development happening, and Perth certainly is a good 15 to 20 years behind Sydney and Melbourne in terms of apartment and inner-city living. It\u2019s all still relatively new. I think we\u2019ll never be as dense as Sydney and even Melbourne, but I certainly think longer term there is some good potential. We will see certainly more people in WA drifting towards living in apartments.<br \/>\n<b>Kevin<\/b>:\u00a0 Of course, WA is more than just the Perth market \u2013 quite an interesting market how it actually follows and hugs the coast there too. Looking up and down the coast, are there any areas that you think hold great potential as we move into 2016?<br \/>\n<b>Damian<\/b>:\u00a0 Overall, the WA market in 2016 is going to be very similar to what we\u2019re seeing in 2015, in that prices in the market could marginally rise next year, it could marginally decline. Really, no one can know with exact certainty. The rental vacancy rate, I think, is peaking. It\u2019s about 5.5%. We might see it hit 6%, but I don\u2019t see it going much more than that because we\u2019re certainly seeing at our end \u2013 we manage a substantial rental portfolio \u2013 that the tenants aren\u2019t running and going into home ownership anymore. They\u2019re happy to stay.<br \/>\nI\u2019d expect it to be much of the same as 2015, and none of the regional areas are likely to particularly outperform at all, Kevin. I think we have a still a declining market in the Pilbara, and I feel sympathetic for people who bought up there at $1.2 million, $1.3 million but they still have many years of pain up in that region, just a lot of over-supply.<br \/>\nAll in all, if you\u2019re trying to make short-term profits in WA, 2016 is not the year. It\u2019s really about if you\u2019re looking for getting a great long-term investment at a really good price, that\u2019s what 2016 is about. You may not make a huge amount of money in 2016 because you\u2019re not going to grow property.<br \/>\nI\u2019m still confident that, longer term, WA property, particularly Perth, is going to do quite well, but you have to get used to the Perth market. It\u2019s more volatile than the east coast. But having said that, the fundamentals are still great for the long term.<br \/>\n<b>Kevin<\/b>:\u00a0 We\u2019re going to give you a break for a few weeks, Damian. We\u2019ll come back in about four weeks\u2019 time, early in the New Year. The 16<sup>th<\/sup> of January, we\u2019re back and I might just get your impressions then on the Australian market, and we\u2019ll try to delve a little bit deeper into the Perth and WA markets, as well.<br \/>\nDamian Collins from Momentum Wealth, thank you so much for your time, mate.<br \/>\n<b>Damian<\/b>:\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show Damian Collins,\u00a0from Momentum Wealth in WA,\u00a0looks at what\u2019s ahead for Perth property. &nbsp; Transcript: Kevin:\u00a0 As we look around Australia, it\u2019s just so interesting to watch all the different markets, and we\u2019ve seen a bit of a topsy-turvy market in Western&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":6668,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,17,25,27],"tags":[101],"class_list":["post-6647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Perth &amp; 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