The Land4Sale team are always tracking the housing and land market. We are kept well informed by our industry partners and also look at key performance indicators from lending agencies, the ABS and other financial and economic resources. We make sure we are aware of what is happening in Australia and most importantly, Western Australians. We would like take the opportunity to share with you some of our latest insights. As you will see below WA continues to out perform other states.
Australia verses Western Australia
- The increase in the national median dwelling price since the pandemic has ended. Quarterly growth turned negative in June 2022 and the Australian housing market has now entered a phase of correction. That said, a whilst there has been a slowdown Australia wide, a buoyant resource sector and recovery in population is expected to support the housing market in Perth.
- REA’s 2022 Prop Track Buy or Rent Report, states that the greatest opportunities for homebuyers are found in Queensland, Western Australia and the Northern Territory.
- In areas such as Perth and Canberra rental prices are higher than weekly mortgage repayments. This is often due to high competition, which in turn bolsters asking rental prices, thus making mortgage repayments the cheaper option long term. In addition, renters are now finding it hard to secure property. The nationwide vacancy rates have hit their lowest point since April 2006.
- QBE’s Australian Housing Outlook 2022-2025 also shows positive growth for Western Australia.
It is also worth looking at QBE’s Australian Housing Outlook 2022-2025 based on the latest ABS statistics.
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