After 10 years in the doldrums Western Australia’s property market is showing signs of life.
The end of the largest mining boom in Australia’s history was swiftly followed by a severe downturn in the property market, with property prices falling in Perth and plummeting in mining regions, particularly in the Pilbara. But property prices and rents are now stabilising or increasing slightly, sales volumes are rising and some leading indicators point towards further improvement.
At the core of the recovery is better economic conditions: new mines are being built, commodity prices are higher, population growth is increasing and employment prospects have improved. After a few tough years, Western Australia’s property market looks to be near a turning point.
Three signs the WA property market is near a turning point
- House and unit prices in Perth have almost bottomed out
- Perth rents are stabilising
- After massive falls, property prices in mining areas are at or nearing a turning point
A rosier economic outlook, some new mining projects, a pick-up in population growth and some improved leading indicators of price growth are all positives for Western Australia’s property market. After years in the doldrums, prospects in the west look much brighter.
Read the full article written by Domain here.