CONSUMER sentiment regarding the Perth property market has improved significantly according to OpenAgent.com.au.
The agent comparison site’s quarterly Consumer Sentiment Report recorded the strongest market expectations the city has seen since it began tracking home sellers thoughts on price movements at the beginning of 2017.
In the December quarter 2019 survey 61 per cent of Perth respondents believed prices would rise in the next six months, with 14 per cent believing they would decline.
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READ NOWThe mood was very different in the first quarter of 2017, when only 18 per cent thought prices would go up and 52 per cent believed they would decrease.
Data analyst Carson Teh said the change in sentiment was incredible and was likely explained by the signs of recovery in the Perth market.
“After many months, November finally saw an increase in dwelling values and December saw more market activity, likely giving confidence back to Perth home sellers,” he said.
“We haven’t seen home sellers in Perth have such high expectations for property prices in our entire history of reporting on sentiment.”
The positive change was also reflected in WA as a whole.
In October, only 43 per cent of sellers believed prices were increasing, this rose to 74 per cent in December.
Mr Teh said it was the biggest jump in the proportion of home sellers believing prices would increase in the next six months.
“Unlike in most states, vendors in WA didn’t have a substantial boost in confidence after the election, but it looks like things are finally picking up,” he said.
