PROPERTY MARKET CONDITIONS REMAIN TIGHT AS WA POPULATION GROWS FURTHER
REIWA CEO Cath Hart said that demand for homes will remain strong following the release of the latest population data.
According to the ABS, WA’s population grew 2.8 per cent to 2.855 million in the year to March 2023, the fastest growth rate of any state and territory.
The March quarter 2023 alone saw an increase in WA's population of 26,005, a 0.9 per cent increase and the biggest quarterly change in number in ABS records back to 1981.
The news comes as Perth’s vacancy rate tightened to 0.8 per cent in August and rents and house prices set new records over the month.
“We have a significant imbalance between supply and demand and this is maintaining the pressure on WA’s sales and rental markets,” Ms Hart said.
“We can expect to see house prices and rents continue to rise, homes to sell and lease quickly and the vacancy rate to remain at near-record lows for some time yet.”
Ms Hart said the low number of homes being built will have long-term consequences.
“Only around 14,000 new dwelling commencements are expected this year."
“Until there is a strong and consistent pipeline of new dwellings, ongoing pressure will continue in the market to house our growing population.”