PERTH PROPERTY in MAY
The property market continues with a shortage in supply of homes available that is not meeting a growing demand. This is putting pressure on prices to purchase with buyer competition ending in substantial increases first half of 2024. Now $650,000 medium house price.
Rentals are rising, creating a crisis in Perth for accommodation across the metropolitan area. $650 week average rental.
Hundreds of new residents arrive daily adding to the housing needs of people in Perth & state wide. Annual estimate is now over 60,000 arrived 2023 – 24. To give perspective to that number its more than the population of Bunbury.
Considering before Covid a more sustainable 25,000 a year was the average incoming migration. This number is looking to triple in 2025 as the east coast becomes unaffordable to new Australians. Perth is now growing exponentially with the powers that be political or industry needing to step up to develop, build, produce more places for people to have a home.
Sunset Coast Life property services available..
Mitchell Residential : mres@iinet.net.au : 0413122633
