Psaros / News

Spring Sales Signal A Boost in Apartment Market Confidence

The profile of buyers in a recent sales uplift could signal a boost in apartment market confidence.

The buyers are all Perth-based owner-occupiers, the biggest indicator this year that confidence is returning to the apartment market.

Psaros CEO Danny Psaros said “We have experienced nearly $7million in sales in October alone, and double the amount of enquiry. All recent buyers are Perth-based owner-occupiers, a market that has been quiet for some time. People are starting to realise their window of opportunity is closing and looking to buy now whilst prices are reflective of the bottom of the market and incentives are still available.”

The bottom of the property market was called by industry experts in the middle of the year and while the Perth housing market is at its most affordable in a decade, savvy buyers are taking advantage of both the current buying opportunity and all the infrastructure works improving certain areas of the city.

“We know from the ten year property cycle that a rise is imminent so obviously people are keen to take advantage of current affordability. Really savvy buyers are looking at areas where there are  significant infrastructure works planned or ongoing such as Scarborough, Perth stadium and Midland, as these areas offer the best potential capital growth”, said Mr Psaros

Craig Ibbitson, a buyer at Park Avenue by Psaros in Churchlands said, “Everyone has been talking about how prices are going to start to rise again, so we wanted to take advantage and buy before that happens. With the quality of the development at Churchlands we know it makes sense to purchase a property in an area with such huge potential – it just smart buying!”