Perth Property Defies Predictions
Just a few months ago, one of the countries big four banks warned that Perth property prices would plunge during 2023. They called local experts overly optimistic and cautioned that by March interest rate rises would be having a major impact on property prices.
In it’s usual contradictory fashion however, Perth actually recorded an increase in property values for March. According to CoreLogic data, housing values increased 0.5% to $567,111.
Ongoing low supply and strong demand have enabled Perth prices to defy the national downturn in the housing market thus far. Combined with the RBA’s interest rate pause these factors, will continue to cause Perth property values to remain stable.
Historical data shows that markets with more affordable housing perform better in the face of interest rate rises. Perth is one of the most affordable cities in the country, so it’s resilience despite ten consecutive interest rate hikes is unsurprising.
Additionally, the higher wages in Western Australia mean that a smaller portion of household income is required to meet mortgage repayments. The low portion of income required to service a home loan in Perth is one of the many reasons why confidence is high and buyers are still out in force, further ensuring prices remain stable.
Source: CoreLogic
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What’s Happening In The Perth Property Market?
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