REA Group chief economist Nerida Conisbee has called the bottom for Perth’s residential market and says online searches on realestate.com.au indicate the start of a recovery is underway.
“We track demand every month on realestate.com.au by looking at the number of people who are looking to buy apartments and homes and we think Perth is in recovery mode but there’s a caveat; it’s not going to happen fast,” Ms Conisbee says.
“An increase in people searching the site is a good indicator of what’s going to happen with pricing because when you start to see increases in demand it generally follows that we start to see
increases in prices.”
The forecast is good news for Perth, which REA Group says has been the most challenging housing market in Australia for the past four years.