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Perth may have passed its peak of price growth but investors can still find opportunities in the market, a leading property researcher has claimed.
According to data from Australian Property Monitors (APM), Perth median house prices were flat over the March quarter, while unit results fell by 1.4 per cent.
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Over the year as a whole, however, house prices rose 8.4 per cent and unit prices rose 5.4 per cent.
APM senior economist Dr Andrew Wilson said the market may be losing momentum, although he still felt the city would continue to deliver solid returns.
“I would expect price growth to continue in Perth, though certainly not at the rate we've had over the past year,” he said.
“I think it will be closer to 5 per cent, depending of course on the number of sales and sales activity in particular suburbs.”
Dr Wilson said the mid-range market offered the best investment potential.
“I still think there is good buying opportunity between $400,000 and $500,000 within a reasonable proximity of the middle ring suburbs of Perth,” he said.
“Taking a medium- to long-term view, I think that most suburbs in Perth have good prospects and the closer you are to the CBD, the better.”
Ultimately, he suggested the market still had some scope for growth over the next 12 months.
“I think we've seen the strongest part of the growth cycle, but I think there's certainly still upside growth at a moderate level for most of Perth ... over the next year or so,” he said.
