Impact of Population Growth on the Perth Real estate market Perth, the capital city of Western Australia, has seen significant population growth in recent years. According to the Australian Bureau of Statistics, the population of Perth has grown by an average of 1.7% per year
Impact of Population Growth on the Perth Real estate market
population growth
The impact of population growth on the Perth real estate market
Perth, the capital city of Western Australia, has seen significant population growth in recent years. According to the Australian Bureau of Statistics, the population of Perth has grown by an average of 1.7% per year over the last decennary. This growth has had a significant impact on the Perth real estate market, affecting both supply and demand. Today, we will discuss the impact of population growth on the Perth real estate market.
Increased Demand:
Population growth has led to increased demand for housing in Perth. As more people move to the city, the demand for housing increases, which can drive up prices. This increased demand has been particularly evident in the rental market, where vacancy rates have decreased, and rents have risen.
Increased Supply:
Population growth has also led to increased supply of housing in Perth. To meet the demand for housing, developers have built new residential developments, particularly in the outer suburbs of the city. This increased supply has helped to ease the pressure on the housing market, but it has also led to increased competition among developers, which can impact prices.
Shifts in Demographics:
Population growth has also led to shifts in demographics in Perth. As more people move to the city, there has been a growing demand for apartments and townhouses, particularly among young professionals and students. This has led to an increase in the number of high-density residential developments in the inner city, which can impact property values in these areas.
Impact on Infrastructure:
Population growth has also had an impact on infrastructure in Perth. As the population grows, there is an increased demand for infrastructure such as transport, healthcare, and education. This demand can lead to increased investment in infrastructure, which can impact property values in areas that are well-serviced by infrastructure.
Economic Growth:
Population growth can also have a positive impact on the Perth real estate market through increased economic growth. As the population grows, there is increased demand for goods and services, which can lead to increased economic activity and employment. This can lead to increased demand for housing and higher property values.
Population growth had a significant impact on the Perth real estate market. It has led to increased demand for housing, an increased supply of housing, shifts in demographics, impacts on infrastructure, and increased economic growth. These factors will continue to shape the Perth real estate market in the years to come.
