Despite disruptions affecting some property markets across Australia, one state has stood out against the rest. Western Australia is still delivering strong sales activity and price growth with investors rushing to capitalise on the opportunity for high returns.
Population growth and migration have further contributed to Perth’s appeal as an investment location. ABS Statistics indicate that in the last year Greater Perth grew by 32,200 people (1.5%), and the rest of the state by 5,800 (1.0%). On top of this Western Australia, offers an enviable lifestyle, with its amazing beachside, picturesque parks and large employment precincts.
The 2023 population forecast for Western Australia is 2,846,000, and is forecast to grow to 3,654,000 by 2041.
The Pipeline includes 415 Statewide projects valued at $10.4 billion, and 639 projects valued at $11.84 billion in both Metro Perth and Peel.
It highlights major projects being initiated across all regions, including 43 education hubs, hospitals and roads, valued at $286 million in the Kimberley.
The pipeline of work is set to deliver economic stimulus projects in a sustainable way and maximise employment opportunities in Western Australia.
1,561,100 employed people, 66.5% employment rate (ABS statistics)
In the March 2023 quarter, Western Australia remained one of the most affordable states for home buyers and renters. Affordability declined slightly, mainly due to rising interest rates rather than soaring house prices. Despite this, WA’s housing market remains resilient, supported by a robust economy, low unemployment, population growth and affordable housing. Perth’s home prices have risen by 24% since 2010, making them relatively affordable in comparison to other states across the country.
Perth has experienced the longest stretch of continuous rental price growth the city has recorded as house rents rise for the eighth consecutive quarter and unit rents for the fifth, pushing the median house and unit rents to hit another record high.
Perth’s vacancy rate is at a record low of 0.3%. This lack of vacant rental supply means that Perth is one of the most competitive cities for tenants in Australia.
Can you include a dot point here on WA regional performance?