Perth Property Market

Perth property market remains very favourable for buyers and investors, Perth’s median price is expected to grow between six and 10 per cent over the next 5 to 10 years, investors who are thinking about purchasing their first home, trading up or investing, should act soon before prices inevitably rise.

Perth’s property market is on the rise as reduced travel increases buyer activity.

Investors are having a look and realising it’s a cheap price to buy out, the interest rates are low, and there is every chance they’re going to get a tenant willing to pay a higher rent. Investors were reluctant to enter the declining market in the past five years. But we now have a rising market, we have full occupancy and investors will start to come back and create more stock for tenants, rental stock levels continue to remain low, we can expect rents to continue increasing, however we need to remember that rents are still a lot cheaper than they were 15 years ago.

Property Investment Australia , Perth View

In the short term, a rise in property prices is expected to place further pressure on Perth’s rental market.

REIWA warned that Perth was in a ‘rental crisis’, as vacancies reached their lowest level in 13 years, falling below 1% for only the third time in 40 years.

Reduced investor activity has exacerbated the shortage of rental properties. While investors usually account for 30% of home purchases, that has fallen to 17% in recent months.Perth rents could rise further in 2024.

Perth Property Market Overview 2024

Perth’s housing market is set to boom in 2024, with economists forecasting increasing growth. This could be good news for the city’s tight rental market, freeing up more stock and easing pressure on rising rent prices.

Perth’s property market will experience conditions not seen since the mining boom, according to a range of professional forecasts. ANZ economists expect Perth property to outperform all Australian capital cities in 2024.

Specific factors driving Perth’s rise include the strong performance of the mining sector and a shortage of housing stock.

Perth, 531 Hay Street Subiaco, 6008 WA

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