Do you want to INVERT these currencies? “However, we do not expect this rise to be consistent across all sectors of the market.”According to analysis by REIWA, the upward trajectory of the Perth rental market should continue through 2020, with consistent demand, population growth and reduced supply the key drivers.“We’re at 32 months and counting of stable median rent prices in Perth,” Mr Collins said.“If listings continue to decrease, new build stock continues to decline and leasing volumes remain healthy, we should see the overall median rent price gradually increase.”Realty Lane Licensee and Property Consultant Daniel Gonzalez said he was excited to see what the new year would bring.“With stock levels low into the new year, we expect to see consumer confidence rise in 2020,” he said.“Property values have been consistent and we would expect this to continue.”On the subject of property investment, Momentum Wealth Research Advisor Shaun Strickland said a number of factors placed Perth in good stead to experience an increase in demand in the short to medium term.“While we have seen a lowering in Perth’s unemployment rate, activity in the mining sector is also undergoing a resurgence which holds positive prospects for future job and population growth, both of which are key drivers for the property industry,” he said.“With levels of affordability in Perth at their highest since September 2004, and considerably higher than those in Sydney and Melbourne, Perth presents an attractive option to local and interstate investors heading into 2020.”The Housing Industry Forecasting Group’s Forecasting Dwelling Commencements in Western Australia 2019-2020 report predicted new builds would remain flat for the current financial year, with a moderate lift in 2020-21 off the back of a range of more positive indicators, including increases to Keystart’s income limits and a general recovery in the state’s economy.“I think the most active segment of the market will continue to be first homebuyers and some downsizers,” Ms Steinbeck said.“If you have stable employment and can access finance, 2020 is likely to provide plenty of opportunity to get into the market at an affordable price point.”Ms Steinbeck said those searching for investment opportunities should look at areas that would benefit from the Metronet rollout.“There is a diversity of land and housing choices on the market in new and existing areas that would suit a range of buyers at different price points, and it is about identifying what your lifestyle and family circumstances require,” she said.“Hopefully we will see continued growth in our state economy, leading to increased job security and more job opportunities, as that is key to gaining entry to the housing market.”Mr Collins said REIWA expected overall market conditions to improve in regional WA during 2020 as a direct result of investment in the mining sector, with improvements in rental demand and sales activity in Karratha recorded in the last half of 2019.“In addition to Karratha, Port Hedland and Kalgoorlie are areas to watch in 2020, with the new mining projects going a long way to restoring confidence in these regions,” he said. Share “There is a possibility rising consumer confidence levels, coupled with improved housing affordability, could translate into higher sales volumes than we have seen in the last few years.”Consultancy Knight Frank said in its 2020 Outlook Report it expected the Australian economy to pick up in 2020 as lower interest rates and a recovery in the housing market boosted consumer spending, though it conceded growth would remain slow by historical standards.The report predicted the Reserve Bank of Australia (RBA) would further slash interest rates amid persistent slack in the labour market, associated weak wage growth and ongoing low inflation.“We expect the RBA will cut the cash rate two more times to 0.25 per cent and, if further fiscal stimulus is not forthcoming, launch quantitative easing,” the report said.Mr Collins said the full impact of rate cuts and tax reforms put in place during 2019 had not yet been felt in WA, though he expected their effects would be seen later in 2020.“With the current low interest rates and population growth slowly but steadily improving, Perth’s median house price could improve over the next 12 months,” he said. Visit Australian Dollar(AUD) to Chinese Yuan Renminbi(CNY) on 24 Feb 2020 (24/02/2020). Full Story is Guardian Australia's news podcast.
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