5/6 Australia’s Property Market All About The Rate Hikes ~ Western Australia
Let’s jump right into the Western Australian market after the rate hikes.
Perth’s residential property market has shown growth, with a 2.4% increase over the past 12 months, according to CoreLogic data.
The Real Estate Institute of Western Australia (REIWA) has reported consistently low property listings, remaining below 8,000 since the beginning of 2023. Rental listings have also declined, with numbers consistently below 2,000 since August 2022, compared to the typical range of around 6,000 listings. This indicates a balanced market.
Restrictions in the construction industry have led to the lowest levels of dwelling approvals in 40 years, resulting in a significant undersupply of houses and rental properties in Perth.
next time we conclude with the Tasmanian market. Don’t miss it!
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