Perth will be the perfect buying market: Gavin Hegney

Perth will be the perfect buying market: Gavin Hegney
Perth will be the perfect buying market: Gavin Hegney

Gavin Hegney, of Hegney Property Group says Perth was suffering a classic case of confidence being below fundamentals.

"I think there's less risk of buying into Perth today than buying into the Sydney market," he told The Australian Financial Review.

"If you are buying in Sydney, you are buying into an emotive boom.

"In Perth, it's a classic case of confidence being below fundamentals."

With the median house price in Perth at $545,000, he sees the downside risk as limited.
 
"I'd suggest that whatever fall that's going to happen in Perth in the next 12 months, the fall will be larger in Sydney," he forecast.

"At some stage in the next 12 months it will be the perfect buying market in Perth."

There are just under 14,000 houses, units and land for sale in metropolitan Perth, says reiwa.com, compared with 10,700 one year ago.

In May Gavin Hegney, of Perth-based valuers Hegney Property Group, said supply of property had surpassed demand - and home prices would likely drop in the coming year.

"People are using low interest rates to get ahead in their mortgage rather than upgrade," he said. "We'll give up 1 or 2 per cent this year."

Listed property valuation firm Landmark White recently acquired a 10 per cent stake in LMW Hegney, its joint venture partner in Western Australia, South Australia and the Northern Territory, for $550,000.

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