General
WA property market poised for boom with house prices forecast to rise by up to 10 per cent
House prices in Western Australia are predicted to jump between 6 and 10 per cent over the next year amid market conditions not seen since the peak of the mining boom.
Key points:
- Property sales activity in Perth has risen sharply and listings have fallen
- That is putting upward pressure on house prices
- It is also impacting the rental market, with rents forecast to jump
A Real Estate Institute of WA (REIWA) outlook for 2021 indicates the WA property market is poised for “steady growth” in both the rental and sales market, something not seen since the strong conditions in 2013.
The peak real estate body has already warned Perth’s rental market has reached “crisis levels” and has tipped prices will climb an additional 10 to 15 per cent.
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