Why is the Perth property market on the cusp of growth?
Investment in infrastructure $13.5 BILLION
At least 15 different new mining projects
Jobs – at least 10,000 new jobs in mining will be created
Lithium – the new iron ore
Jobs influence population growth (from East States)
Population growth increases demand.
During the previous boom, WA’s population grew by a staggering 132 people per day which placed enormous pressure on housing supply and demand.
Demand increases prices. In 2005 the average home loan was $186,000
With Perth’s median house price around half that of Sydney and Melbourne, it’s only logical that Perth will become a magnet for “Eastern Staters” looking for jobs and affordable housing.
In fact, Stockland believe that the market will improve significantly by mid 2018.
So, is it a good time to buy a house in Perth? For those wanting to take advantage of current land and construction costs, the answer is yes.
Alternatively, you can sit on the fence until the market suddenly turns upwards and end up paying more.
If Australia’s biggest residential developer (Stockland) is preparing for what’s to come, then we all should feel just a little more confident.
So whether it’s a first home or a custom two storey home, now is a good time to buy a house in Perth!