Where is Perth at in the Property Cycle?

[allaiia]

Hi all.
I did a quick little search here on somersoft on the perth property cycle but couldn't find anything current so thought I'd make my first post a question.

I am really interested in where Perth is at in the property cycle.

I had to sell my home in early 2009 due to reasons beyond my control and now that I am back on my feet I would like to buy back in - however it 'appears' that prices have improved since then and I cannot buy what I had before (or similar) for a similar price. I am just wondering if this is the 'up' part of the Perth cycle or did we just have the 'up' and will it now stabilise for a while? I am looking in the western suburbs.

Please forgive me ignorance - I'm not a property investor but wouldn't mind learning a thing or two!

 

[Ausprop]

all over the shop is the answer.

areas like mandurah are still down 25% from their peak
the premium end is still down about 25% after dropping up to 40%
some areas like east vic park and kensington barely have changed at all
villas in midland still down about 10-15%

it really depends what you are looking for

 

[allaiia]

I'm looking in Mosman Park as that is where I've put down roots (kids are in school etc) so would like to stay here (am renting at the moment) - or possibly could try North Fremantle. I'm looking for something under $1 mil.

I guess the reason for my question is I'd like to know if things will keep improving here in Perth specifically the western Suburbs - ie should I get back in now or will it flatten for a while enabling me to play a bit of catch up and save enough to get at least what I had before (3x1 on a 450 block ). I sold mine for $755K. There is no chance I could get something like that now for that price as similar properties have been on the market recently for at least in the mid $800's. Mosman Park is a mix of property types ranging from apartments to cottages to multimillion dollar mansions - I am looking in the cottagey range of properties.

Thanks in advance!

 

[Ausprop]

mozzie park is spose to have taken a big hit. actually i may have a look there. tis just a bit far from where i would really like to be. i wish i could answer your question, because then i too would know what to do! i just sold up in subi, took a real bath - way less than i could have got 3 years ago.

 

[reeco]

I'm looking in Mosman Park as that is where I've put down roots (kids are in school etc) so would like to stay here (am renting at the moment) - or possibly could try North Fremantle. I'm looking for something under $1 mil.

Youd wanna get in there quick. Were building the Leighton Beach Apartments and i can tell you that when the commercial side of things open there and they move the train platform as a straight walk off to the beach....that area will jump dramatically im sure. Youve got a year IMO

 

[allaiia]

yes, it was a bit of a bloodbath in Mozzie - like much of the western suburbs I guess - I definitely could have gotten more three years ago but we won't mention the war hey?
Reeco - thanks for the tip re : Leighton I'll keep it in mind. I'd like to have bought before the year is out but I guess only if things are picking up. There did seem to be a bit of a flurry at the end of last year but it doesn't have the same frenetic pace now. It's hard to tell though. If only I had a crystal ball...

 

[reeco]

Reeco - thanks for the tip re : Leighton I'll keep it in mind. I'd like to have bought before the year is out but I guess only if things are picking up. There did seem to be a bit of a flurry at the end of last year but it doesn't have the same frenetic pace now. It's hard to tell though. If only I had a crystal ball...

Cant miss it its across from dingo flour mill. The place will overshadow cottesloe easily in 3years once we finish stage 2. If youve ever been down the strip in Manly(NSW) youl know exactly how that place will be in 3 years. A huge draw card for the area.