Damian Collins, the REIWA president, spends some time with us to discuss the current status of the WA residential market.
Some interesting trends emerging with the market still strongly in the sellers corner but the number of properties on the market is slowly increasing as this graph illustrates (Source REIWA)
Damian also commented that while the WA property market is experiencing growth it isn’t in all segments and some areas experiencing higher demand than others. An example of this is apartments which in conjunction with escalating building costs is slowing developers demand for project sites. The rental market continues to have short supply as per the graph below.
This trend has finally encouraged investors to enter back into the market although no where near the peaks we experienced in 2005 and 2014 as demonstrated on the graph. (Source REIWA)
The positive news is that WA is still one of the most affordable states to live if you are buying or renting.