Perth’s property market is defying the odds with house prices up 0.07 per cent in August despite rate hikes and falling national house price values. While the Reserve Bank Govenor has recently said he expects house prices to fall as interest rates to continue to rise, no one really knows how prices will go here.
So what do others say?
SMH, August 2022 - "Perth house prices could drop $88,556 by the end of next year which would see the median house price drop back below $500,000."
PropTrack economist and report author Paul Ryan, Sepember 2022 - "Our forecasts for Perth are actually relatively positive over the next couple of years. "
Mathew Hughes, CP Advisory, August 2022 - "I expect Perth to continue its recovery despite the recent rate increases, and subsequently, expect moderate growth over the next two to three years."
Perth has often been on a different/opposite cycle to the east coast markets, including when interest rates have risen. As we know, unlike the east coast we have only just passed the previous high median house price set eight years ago. As the WA economy remains strong along with low housing stock and increased rental demand, it is hard to imagine a dramatic drop in house values here. Also Perth home builders continue to be busy and there are still trade and material shortages to overcome.
NHBB believe that while even the experts can't agree it is still hard not to be positive about Perth's future property values. So whether you are planning to sell, subdivide or knockdown and build, now is always a good time to start planning.
Talk to us before you talk to a builder
Tristan Kirkham | Managing Director
Tristan has managed some of Australia’s major building companies, both project and private. His committment to customer service and providing market leading communication product for the home building industry has led to a role as regular Judge in the HIA Green Smart, HIA Kitchen & Bathroom Awards and the major Housing Awards. Winning multiple awards throughout his career in the housing industry, he is dedicated to improving the industry standards and practices. Tristan's vision is to provide a better way to build homes for all parties.