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2013 February Residential Market Report

It is clear that the Perth property market is currently in the most favourable position for any Australian capital right now. Propell National Valuers detail the state of the market in their monthly residential report.

Report Summary:

Increases in sales volumes, rent rises and house price increases over the past 6 months illustrate that Perth is undergoing a recovery. It seems that the Perth market completely bottomed out during mid 2012, when it endured it’s last month of negative growth, since then, Perth has seen growth every month and it seems like this will continue for 2013. The tight rental market has loosened slightly, after enormous increases during early -mid 2012, unit rents dropped $10 to $420 a week conversely house rents rose again by $10 to $460 a week. Sales volumes reached their highest amount since mid 2006. Perth’s economy continues to perform well above the Australian average, the unemployment rate in Perth is 4.0% compared to a 5.5% Australian average. Population growth for Perth is currently 3.3% which is above the Australian average of 1.6%. State final demand (represents pure growth of the state, excludes imports and exports) for Perth is 9.6%, which is also well above the Australian average of 3.1%.