- January 24, 2022
- Posted by: Rogers Property Group
- Categories: Latest News, Perth Property Market
While the overall Perth property market achieved a healthy 13 per cent increase in 2021, a number of Perth suburbs saw gains of more than 25 per cent over the same period. According to NHFIC (National Housing Finance and Investment Corporation), Perth stands as one of Australia’s more affordable capital cities for first home buyers. Just the end of last year, it was reported that Perth’s prospective first home buyers experience much more favourable opportunities to buy their first home, with income earners in the second income quintiles (in the top 60% of income earners) being able to afford around 30% of properties in the market.
Perth property continue to surge in 2022, but will there be enough supply to cater for this demand? According to PRD Chief Economist Dr Diaswati Mardiasmo, new housing supply in Perth has been quite low, with not many houses coming on to the market. In the past 8 years, the number of Australian that have relocated to Perth has reached its highest points. It means that the demand is increasing but the supply has not been able to keep up.
Buyer’s positive feedback regarding Perth’s market had been very strong due to low number of COVID cases, businesses are still able to operate and the levels of unemployment have not significantly increased. Western Australia’s border reopening will set the stage for another year of solid growth in house prices in 2022. The Real Estate Institute of WA (REIWA) predicts house prices will jump 10 per cent this year as the state finally lowers the drawbridge to interstate and overseas migrants on February 5.