Local investors are running out of properties to buy, with pundits casting their gaze to a city with more stock but a median price barely higher than Perth’s.
Melbourne’s median dwelling price according to CoreLogic data as of July 31Perth’s median dwelling price according to CoreLogic data as of July 31The rise in the cost of building a home in WA over the past 12 monthsA severe shortage of property listings in Perth is driving an increasing number of real estate investors to Melbourne as opportunities to invest in the west dry up., competition was fierce when any new property hit the market.
“We are encouraging clients to invest in capital cities such as Melbourne where property prices have stalled over the past year due to oversupply issues,” he said. New listings in Melbourne hit their highest level on record for July according to new Domain data released Monday, while the median days on market for Melbourne is 39 days to Perth’s 10.
While strong population growth and very low vacancy rates are drivers, the biggest reason for the lack of new supply in Perth is the cost of construction, says Ray White Group chief economist Nerida Conisbee. The ABS statistics specifically pointed to a lack of finishing trades. Strong union activity, now the subject of a Senate inquiry, has also contributed to low productivity in the industry.
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