Perth’s housing market flat lined over the December quarter, preliminary data from the Real Estate Institute of Western Australia (REIWA) revealed on Friday.
“Based on the preliminary figure, Perth’s growth rate for the entire year was just 1.1 per cent,” REIWA president Rob Druitt said. “It’s been a bit of a ‘do nothing’ quarter, with no real movement in prices and the total number of sales falling by 4.5 per cent to around 12,600 homes for the end of the year,” he said.
A tightening rental market however may spur activity in the investment sector, with Perth vacancy rates currently sitting 1.6 per cent.
“Perth rents are now very close to – or match – the more expensive capitals of Sydney and Canberra,” said Mr Druitt.
“With rental returns having increased for owners, along with the instability in the share market, we may see some investors return to the relative security of ‘bricks and mortar’ rather than risk cash on the stock exchange.”
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