Analysts predict that strong overseas and interstate migration, a chronic undersupply and easing interest rates will keep house prices rising over the next year.
If current price growth trends continue, the median Perth home price could top $850,000 by early to mid-2025 as strong migration and chronic stock shortages continue.
“Property prices in Perth have been rising rapidly because of an undersupply of housing caused by rising building costs and a surge in interstate and overseas migration. McQuillan said the long construction completion times due to skilled labour shortages would also continue to place a major drag on Perth supply while eastern states investors would put further upward pressure on prices over the coming year.“The past year has seen very strong capital growth in lower-priced suburbs in Perth such as Armadale and Rockingham,” he said.
Hotspotting director Terry Ryder said Orelia, whose median house price is $390,000, had not only produced 20 per cent annual growth but was also the second-fastest growing local government area in the state.
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