The numbers have been calculated, the crystal ball uncovered, and the insights are in – all pointing to a double digit growth for Perth properties in this year, 2022.
There will undeniably be some people who will be negatively impacted by this, but also some winners. What’s the most important thing though is to be ready and have everything possible in place before you make an offer on the property you so desperately desire.
With the Feb 5 opening of Western Australia just around the corner, things are tipped to change for Perth properties.
Want to learn more about the expected double-digit growth in Perth property prices this year?
Read more from the Leederville real estate agency, Pro Property Group, to find out more.
What the experts are saying
Realestate.com.au’s division, PropTrack is one of the leaders in real estate market insights.
PropTrack economist, Anne Flaherty, had this to say at the close of 2021:
“I think the fact that the Western Australia’s border has been tighter than other Australian borders is likely to be having an impact at the moment… [and what’s anticipated in 2022 is that]
…we are probably going to see a little bit of an uptick in the property market. Now, that’s going to come from those people who are looking to sell, and also people who are likely looking to buy.”
An all-around, attractive state
We know this – but ‘eastern staters’ and international sea-changer’s and investors are quickly discovering our well-kept secret, too.
This is largely due to WA’s strong economy. Real estate agencies across Perth have said that they’re getting a lot of international and interstate enquiries. Fortunately, for these buyers, but more so local buyers is that our isolated, sun-filled city is the most affordable capital city to buy a home in in Australia according to Domain House Price Report in late 2021.
What else is on the cards?
- It’s expected some 20,000 people with relocate to Western Australia for employment opportunities in 2022.
- However, with this expected demand, comes a supply issue.
- Damian Collins, the WA president of the Real Estate Institute of WA (REIWA) acknowledges the lack of stock, plus the fact that the rental market is tipped to face a new 40-year low vacancy rate. Median rental prices are. tipped to increase between 10 and 15 percent.
- Property purchasing wise, Perth house prices are expected to rise anywhere up to a further 10% this year, down from a 14% growth in 2021.
What does it mean for you?
To summarise, Collins states:
The strong demand, the strong economy, the limited supply, all of that points…to pretty decent price growth of 10 per cent [in 2022].”
So, get in quickly if you want to avoid the envisaged property price growth.
Turn to the experts at Pro Property Group
We have the pulse on the Perth property market and the listings you’ve been looking for.
Contact Pro Property Group today for help finding the property that fits your requirements.