The first quarter of 2024 reveals that property prices continue to rise, with WA increasing by 4.6 percent and Perth increasing by 5.6 percent in the three-month period.
Perth's rolling quarterly price change is currently 2.3 percent higher than any other capital city in Australia.
Managing director of Realmark, John Percudani said influencing factors to the price increase continues to be immigration and employment rates, plus shortage in the availability of suitable property for both purchase or rent.
“An ongoing increase in population creates an increase in demand and will continue to affect the affordability of the property and rental market,” he said.
“Until we see an increase in supply, the pressure will remain on the market.
“Many real estate commentators have stated that out-of-state investors are a contributing factor fuelling the extra property demand, however, recent data from REIWA shows that local buyers were usually willing to pay more for a property than investors were.”
Recent statistics from the Australian Bureau of Statistics (ABS) show the WA population has grown by 3.3 percent to 2.905 million people in the year ending in September 2023 and unemployment figures have dropped to 3.6 percent.
According to the State Government forecast, the population growth is expected to remain strong in the coming year.
For more market insights or to speak to your local real estate professionals contact Realmark on 9328 0999.