The western capital is on track for impressive growth.
Perth’s residential market is on track to record double-digit growth in 2021 for the first time in 11 years.
That’s according to CBRE’s 2021 Australia Real Estate Market Outlook Report which predicts Perth’s house prices to grow between 9% – 12% and unit prices to lift 5%-7% in 2021 which will lead the nation’s property market recovery post-COVID-19
The growth is forecast off the back of positive interstate migration, solid resources outlook and Federal Government incentives such as Homebuilder and additional State support packages that are boosting the construction sector.
“Supply also remains tight [in Perth] with vacancy already sub-1% which is leading to strong rental growth and providing attractive opportunities for investment in 2021,” said CBRE’s Head of Residential Research Craig Godber.
“For investor markets, the supply/demand imbalance will tip towards oversupply until international migration resumes, although, markets with low levels vacancy (e.g. Brisbane and Perth) will recover more quickly than the Sydney and Melbourne, where vacancy remains elevated.”
Sydney is expected to see house price growth of between 7%-10%, while units will experience a 0%-3% rise. Similarly, 7%-10% growth is forecast for Brisbane’s housing market and units are on track to record a 3%-5% value uplift.
The report predicts 5%-7% growth for both Adelaide and Canberra’s housing markets, with the former expecting a 3%-5% rise in unit prices and the latter tracking an uplift of 0%-3% for units.
A longer recovery is expected for Melbourne, with house prices expected to lift 3%-5% in 2021 and no increases for unit values.
The largest single-dwelling sales of the calendar year.