Australian Property Investor Magazine
Investors are heading west as Perth’s relative affordability, strong economic conditions and continued population growth fuel demand for housing across Western Australia’s capital.
The latest figures from UDIA WA’s Urban Development Index show that lot sales increased by a massive 92 per cent over the last 12 months, with 2,440 lots sold for the December 2023 quarter compared with 1,273 in the December 2022 quarter.
The breakdown in buyer profiles shows that 37 per cent of buyers were investors and 29 per cent were first home buyers.
The high level of sales in the new land market has not been experienced since the peak of the boom brought on by Federal and State Government stimulus measures back in 2020. At that time, the Home Builder and Building Bonus grants, both available to those seeking to purchase new house and land packages in Western Australia, significantly boosted demand.
To read the opinion piece written by UDIA WA CEO Tanya Steinbeck in full, click here.