Will the All-Time Record Housing Demand Affect Housing Prices in Perth?27 Feb 2017
If you are looking for house and land packages in the Perth area, you may be waiting to see where prices go. If the rest of Australia is any indication, prices could start rising again soon.
According to the first ever REA Group Property Demand Index, the demand for housing in Australia is at an all time high. The Index, which debuted in October 2016, found that the twelve month period from September 2015 to September 2016 saw a 17% rise in housing demand nationwide. In September 2016 alone, demand for houses went up 3.1% and demand for apartments went up 1.9%.
Across Australia, it’s good news for the market but bad news for those waiting for prices to drop. The highest rise was in Tasmania, where demand rose 39.3%. ACT saw a 32.2% rise, compared to 23.7% in NSW and 22.3% in Victoria. Four states were below the national average of 17%: Queensland at 16.7%, South Australia at 8.5% and Northern Territory at 7%. Here in WA, housing demand went down 5.4% due to our continued adjustment to the end of the mining boom.
What does it Mean for House and Land Packages in Perth?
On the surface, it would appear that demand isn’t going to rise for awhile in WA or the Perth area, but don’t be so sure. Remember that our numbers include demand in many small mining towns and communities that have been affected by the contraction of the resources industry.
We see the WA economy getting better, though not as fast as some states have. We also see more demand for housing in Perth than in regional WA. Ultimately, we do see Perth having a healthy economy with healthy demand for housing.
At Origin Projects, we intend to keep doing exactly what has made us so successful: providing affordable house and land packages in places you would want to live.
To learn more, call us today: (08) 6500 4488.