Impact Of US Tariffs On Perth Property Market
Trump’s imposition of sweeping US tariffs on global imports has added a degree of uncertainty to the global economy and could have lasting implications for the Australian economy.
As Premier Roger Cook has pointed out, Western Australia’s role as a supplier to US suppliers, particularly through iron ore exports to China, means that any disruption in those markets may ultimately impact WA.
One of the primary ways these tariffs could affect property in Perth is through increased construction costs. With tariffs on essential building materials like steel and aluminium, the cost of these materials globally is expected to rise. This means new construction and renovations are likely to be more expensive, putting even more upward pressure on property prices.
ABS data shows Perth has the fastest population growth rate in the country, and it remains one of the most affordable capital cities. Affordability, migration and low stock levels will continue to drive growth in the property market.
Household debt levels in Perth are also low compared to other cities, so even if there was a major economic downturn, we would only see a limited amount of distressed sales. This, combined with Perth’s strong growth factors means the property market looks bright for both investors and home buyers.
Source: CoreLogic
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