Australian Property Investor
Perth is the only capital city market rated as a ‘rising market’ and its affordability compared to cities such as Sydney and Melbourne has placed it on the radar of property investors nationally.
While the clock is ticking on the Sydney, Melbourne and Brisbane property markets that are past their peak, Perth has been identified as the only capital city in Australia to be declared a ‘rising market’.
According to the Herron Todd White (HTW) October 2022 National Property Clock tracking of the nation’s major housing markets, Perth is the only capital city market on an upward trajectory for detached houses and for multi-units.
All of WA’s major regional markets are also either classified as being a ‘rising market’ or as ‘approaching the peak of market’.
REIWA data released Tuesday (22 November) highlighted the strength, and affordability, of the regional market. In the south west of the state, Busselton’s median house price rose 5.4 per cent to $648,000 during the quarter, while Bunbury’s increased 2.5 per cent to $410,000.
Busselton was also the top performer annually. Its median house price increased 22.3 per cent on the same time last year. Port Hedland was second for price growth with its median rising 12.9 per cent to $460,000.
Toby Adams, Executive Manager Research, Urban Development Institute of Australia WA (UDIA WA), said Perth’s status as a rising market largely reflects the far more modest pricing increases experienced through the COVID-era than were witnessed across the eastern seaboard.
“While pricing is now starting to retract in these overheated east coast markets, pricing in Perth and across most regional markets has remained firm and is still increasing modestly in certain sub-markets.”
Read the full article at the Australian Property Investor website here.