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New housing resilient as market begins to stabilise 08/04/2017

The following article was published as a preamble to the figures and commentary presented in The West Land Report, published on April 8, 2017.

The following article was published as a preamble to the figures and commentary presented in The West Land Report, published on April 8, 2017.

Welcome to this edition of the Land Report, proudly supported by the Urban Development Institute of Australia’s latest land sales and construction data.

The figures in the corridor reports in this liftout represent a unique insight into the land market in Western Australia and provide buyers with comprehensive information to inform their purchasing decisions.

One of the biggest advantages that any potential homebuyer can have is access to information to ensure that they are making the right decision for them and their family, both financially and in terms of lifestyle.

Overall, the general property market in Western Australia has been going through a tough time and this has been reflected in a fall in lot sales and, therefore, a reduced number of lots under construction for release in the next 12 months.

What is positive about the current figures is that the rate of decline in lot sales activity has slowed down considerably, indicating the market is stabilising. In fact, there are areas that have continued to report positive activity despite the general downturn.

We are already seeing that areas in the north-east, south-east and south-west corridors are leading the market recovery with 7.2 per cent, 11.7 per cent and 15.9 per cent respective growth in activity during 2016. UDIA’s land snapshot figures also show a 1.9 per cent quarterly increase for the March 2017 quarter, which is up from the 12.3 per cent decrease experienced in the same period the year before.

More specifically, in the north-east corridor sales activity is being led in the City of Swan, where there are several new estates active in the area.

In the south-east corridor, where average prices per square metre are the lowest in the metro area, estates in Armadale and Serpentine-Jarrahdale continue to supply quality, affordable lots to the market.

The south-west corridor, including Kwinana and Cockburn, experienced high lot sales activity in 2016 and we expect there will be a continued high level of activity, particularly in Kwinana, to provide affordable products to the market throughout 2017.

This is just a snapshot of where smart buyers can look for an excellent deal this year. I encourage you to take a closer look at the information provided in the enclosed corridor reports and take the next step toward making the right purchase for you.

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