The West Australian
A second key forecaster has predicted a massive increase in Perth apartment prices in the near future, warning new unit developments may not stack up financially for more than a year.
In more bad news for Perth’s chronic housing under-supply, the Urban Development Institute of Australia (WA) claims developers cannot currently sell apartments for the price it costs to build.
It’s research shows that since the pandemic hit, the value of new units has grown 2 per cent – or by 29 per cent when combined with established units – but construction costs have risen 32 per cent.
To read the article in full, including extensive comments from UDIA WA CEO Tanya Steinbeck, click here.