REIWA has come out with the prediction that Perth property is likely to increase in value by 20% this year. The REIWA CEO Cath Hart was very positive about the outlook for Perth.
“Updated figures for December show 4.3 per cent growth over the quarter and preliminary figures for March are sitting at 4.2 per cent. We can expect that to increase as more properties settle,” she said.
“The median house sale price has increased 13.6 per cent over the 12 months to March, to a record $625,000, and if the market continues to grow as it has been, 20 per cent growth is achievable between January and the end of 2024.”
She cited the extreme difference between the booming demand and the severe undersupply of property available in Perth at present. Builders just cannot keep up with the demand needed to match the growing population, which is pushing not only property values up, but rents as well.
“In addition, supply of new housing remains limited, which continues to focus demand on established homes. Building completions have been increasing, which is fantastic news, but we are still not building enough new homes to meet the demand from WA’s growing population.” She stated.
For property investors looking for a high yield, high growth investment, Perth is definitely worth considering. If you would like information on Perth, please contact the office.
