Canning Vale indicates positive ongoing performance

The real estate market in Canning Vale has undergone a major resurgence over the last year according to David Hobbs, CEO of Professionals Real Estate Group.
Mr Hobbs said that Professionals sold a total value of property more than $60 million over the first eight months of this financial year.
“Of particular significance is the major leap in the volume of properties sold by Professionals in the Canning Vale area. During the first eight months of this financial year, Professionals sold nearly 150 properties in the Canning Vale area which represents a jump of over 40% in total sales in comparison to the same period for the previous financial year. Canning Vale is a prime second and third home buyer market and activity has been strong amongst these buyers over the last year which is a key reason why property sales in Canning Vale have improved. Property buyers believe that homes in Canning Vale are competitively priced and offer excellent value for money. The median price of a home in Canning Vale is still only around $500,000 even though the suburb has quality housing estates and is within a short travelling distance to the Perth CBD. As the economy continues to improve and construction costs begin to rise, Professionals expect that demand for homes in Canning Vale will also increase as it becomes a more attractive location for people looking to buy an established home rather than building a new one. Over the last six months, there has been a significant decline in the number of properties for sale in Canning Vale and this has already led to modest increases in property prices. During the coming year, Professionals predict that property prices and capital growth rates of properties in Canning Vale will jump even higher due to rising demand and falling numbers of properties for sale. The long term outlook for the Canning Vale real estate market is positive due to Perth’s rising population rates. Over the next 40 years, the population of Perth is expected to jump to around 3.8 million. This significant increase in population will apply upward pressure on real estate located in areas such as Canning Vale due to the proximity to the CBD and high level of social infrastructure such as schools and shopping facilities,” he said.
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