While talk continues of a critical housing shortage in most of Australia’s capital cities, which is in turn contributing to ongoing affordability issues and a tightening rental market, Western Australia is experiencing a saturation of properties that’s creating an ideal buyers market.
According to a report on the ABC, the Real Estate Institute of WA says property sales are down by 30% compared to the same time last year, with Perth experiencing a 40% housing over-supply.
Deputy president David Airey says, “There’s around 17,500 residential properties on the market which is somewhere like 5,000 properties more than our normal long term average.”
“It’s a fabulous time to buy, certainly not a good time to be selling if you don’t have a reason to sell.”
This property climate hasn’t put a dampener on prices in the Perth suburb of Peppermint Grove however where, according to data from the Australian Bureau of Statistics, average house values increased by 95% over the last four years to almost $4.5 million on average, making it the most expensive suburb in WA.
Neighbouring suburb Mosman Park has the second largest average house value at $1.5 million, representing an increase of 210% compared to four years ago.
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