Perth To Lead National Property Market Recovery
The western capital is on track for impressive growth.
By Terry Christodoulou
Tue, Mar 9, 2021 5:33am
< 1 min
< 1 min
Perth’s residential market is on track to record double-digit growth in 2021 for the first time in 11 years.
That’s according to CBRE’s 2021 Australia Real Estate Market Outlook Report which predicts Perth’s house prices to grow between 9% – 12% and unit prices to lift 5%-7% in 2021 which will lead the nation’s property market recovery post-COVID-19
The growth is forecast off the back of positive interstate migration, solid resources outlook and Federal Government incentives such as Homebuilder and additional State support packages that are boosting the construction sector.
“Supply also remains tight [in Perth] with vacancy already sub-1% which is leading to strong rental growth and providing attractive opportunities for investment in 2021,” said CBRE’s Head of Residential Research Craig Godber.
“For investor markets, the supply/demand imbalance will tip towards oversupply until international migration resumes, although, markets with low levels vacancy (e.g. Brisbane and Perth) will recover more quickly than the Sydney and Melbourne, where vacancy remains elevated.”
Sydney is expected to see house price growth of between 7%-10%, while units will experience a 0%-3% rise. Similarly, 7%-10% growth is forecast for Brisbane’s housing market and units are on track to record a 3%-5% value uplift.
The report predicts 5%-7% growth for both Adelaide and Canberra’s housing markets, with the former expecting a 3%-5% rise in unit prices and the latter tracking an uplift of 0%-3% for units.
A longer recovery is expected for Melbourne, with house prices expected to lift 3%-5% in 2021 and no increases for unit values.
MOST POPULAR
What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market
By CASEY FARMER
Tue, Aug 27, 2024 < 1 min
< 1 min
A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
