House prices in Perth predicted to rise

House prices in Perth predicted to rise

If you've been poring over double storey home plans, now might be the time to buy.

Various property markets worldwide have been analysed by Fitch Ratings and the findings were released in a report on January 21.

The results may interest those considering the building a new home in Perth, given the predictions of Fitch Ratings.

It's expected that there will be a moderate increase of 4.0 per cent in housing prices nationally in 2014.

If prices continue to rise at such levels, those who build now may reap the rewards of increased home equity in years to come, although this will depend on owners' incomes.

In the 12 months to December 2013, house prices rose by 9.8 per cent. Perth's property market was one driver of this, as well as those in Sydney and Melbourne.

Furthermore, it's predicted that home prices in Perth will increase again this year, although at a slower pace than 2013.
Such rises are also expected for Sydney and Melbourne, however it's worth noting that prices in other Australian cities "may remain flat," according to Fitch Ratings.

If you want to build your home in an area where values will increase, the Western Australian capital may be just the place.
The report also illuminated growth in mortgage lending, a combination of the demands of investors as well as owner-occupiers.

Double storey and narrow lot homes in Perth may be the ideal choice for young families wishing to secure their future by purchasing a stylish home off the plan in an area forecast for growth.

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