The future of Perth's real estate market. Perth's real estate market has experienced some ups and downs in recent years.
One of the key factors driving Perth's real estate market is population growth. According to the Australian Bureau of Statistics , Perth's population is expected to grow by 1.2% per year, reaching an estimated 3.5 million by 2050. This means that demand for housing is likely to continue to increase, driving up prices.
Another factor that is expected to influence Perth's real estate market in the coming years is the state government's focus on infrastructure development. The government has committed to a number of major projects, including the Perth City Link and the Forrestfield-Airport Link . These projects are expected to boost economic growth and create new jobs, which in turn could drive demand for housing in the areas surrounding the projects.
In terms of property prices, Perth's real estate market has been relatively stable in recent years. According to the REIWA (Real Estate Institute of Western Australia), the median house price in Perth was $485,000 in the December quarter of 2021. This represents an increase of 2.6% compared to the previous year. While this growth is modest, it is a positive sign that the market is moving in the right direction.