Perth residential property 'one of the best' in 2012
A number of key factors have combined to make Perth one of the top picks for residential real estate in 2012.
According to Australian Property Monitors' (APM) senior economist Dr Andrew Wilson the capital city of Western Australia shows a lot of promise, with a growing local economy, increased demand and historically low prices.
Wilson asserts that the low construction rate experienced by the housing market combines with the increase in resource workers entering the region will see the city presenting some real opportunities in the near future.
"Perth offers one of the best prospects for prices growth in 2012 with a significant increase in buyer activity ... houses prices have the clear potential to rise by a double-digit percentage in 2012," said Wilson.
His comments come off the back of a year which saw the city's residential property markets enter shaky territory, with median house prices decreasing by as much as 6 per cent in the 12 months before October, as buyer confidence weakened.
In turn, this means that there may be a number of properties which are currently on offer for well under their potential sale value as homeowners seek to shed debt.