Australia’s Detached Home Boom Continues to Rise Higher Than Ever
The country now has the highest number of detached homes currently under…
19 January 2022
CoreLogics latest data shows that home values in Perth, Western Australia increased 13.1% during 2021. REIWA President Damian Collins projects that this demand will sustain throughout 2022, once borders open for migration.
Due to low stock levels and rising demand, REIWA reported that Perths median sale price in 2021 was $520,000. The suburbs to record the biggest median house sale price growth during December were Applecross, Kalamunda, Wannanup, Mandurah and Beckenham.
Perths real estate boom will continue, which is only good news for property owners in the Western state. ‘Properties are selling very fast in Perth, with buyers needing to act quickly and competitively to ensure they secure a property.’ Mr Collins reports.
The rental shortage continues to be Perths biggest issue within the real estate market. It is projected that to keep up with tenant demand, which will only increase with borders reopening, more property investors are needed.