In this episode Jon Williams gives us an update on the property market. Over the last decade, Perth has been on a very different trajectory from other parts of the country. In 2021 the Eastern States’ saw some property prices increase by a staggering 25%, while WA has enjoyed a much more moderate and sustainable growth of just around 13%
Right now, Perth is the most affordable capital with a median house price of just over $550,000. With a strong state economy, a rejuvenated mining sector and low unemployment rate, people are once again heading west for a better quality of life.
And with a current vacancy rate of just 1.1%, according to REIWA, Perth’s rental market has become so tight that there are now no fewer than 112 suburbs where it’s actually cheaper to buy than rent. The housing shortage across metro Perth is undoubtedly a key driver in overall market performance.
Just as property markets across Australia don’t rise as one, they don’t fall as one either and its interesting to note just how well positioned WA is compared to its counterparts on the east coast.
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