The Perth property market has undergone significant changes in recent times, creating both challenges and opportunities for investors, first-home buyers and renters.
- Median house price rises: The median house price in Perth has risen 4.4% over the past 12 months to $875,000. This is the strongest annual growth since 2014.
- Strong demand: Demand for housing in Perth remains high, driven by low interest rates, a strong economy and limited supply.
- Quick sales: Properties are selling quickly in Perth, with the median time on market now just 13 days. This is the fastest median time on market since records began in 1998.
- Low rental vacancy rate: The rental vacancy rate in Perth is currently 0.7%, which is one of the lowest in the country. This is putting upward pressure on rents.
What does this mean for buyers and renters?
Buyers: The strong demand for housing in Perth is making it a challenging market for buyers. Properties are selling quickly and for high prices. Buyers need to be prepared to act quickly and have their finances in order.
Renters: The low rental vacancy rate in Perth is making it difficult for renters to find affordable accommodation. Rents are rising sharply and there is a shortage of rental properties available.
What’s the outlook for the future?
The Perth property market is expected to remain strong in the short to medium term. The factors that are driving demand for housing, such as low interest rates and a strong economy, are expected to continue. However, the rising cost of living and the prospect of higher interest rates could dampen demand in the longer term.
Overall, the Perth property market is in a good state. However, it is important to be aware of the challenges that buyers and renters are facing. Buyers need to be prepared to act quickly and have their finances in order, while renters need to be prepared for higher rents and a shortage of rental properties.
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