WESTERN AUSTRALIA
PERTH AND WESTERN AUSTRALIA - THE GOOD TIMES CONTINUE TO ROLL
With iron ore pricing and exports continuing to hit new highs every month , and a low number of lockdowns , Perth and many parts of regional Western Australia continue to do well . House prices are still 12 per cent below the 2014 peak however rents are only one per cent down . The premium market in particular is doing well . The Local Government Areas of Cottesloe and Claremont are now seeing well over 15 per cent growth and prices are above their previous peak . Regionally , it ’ s a mix of agricultural areas , mining towns and lifestyle locations that are doing well - these areas range from Merredin to Port Hedland to Esperance .
If you are interested in investing in Perth or Western Australia , you do need to be mindful of the commodities cycle with pricing moving far more closely with this than they do to interest rate changes . This applies not just to mining towns which have highly cyclical pricing but also to suburban Perth . Perth can go through periods of
enormous price and rental growth , like it ’ s doing now but historically , once mining conditions soften , so too does the property market .
Given most investors tend to target properties priced under the median for that city and region , the following table details the best price growth suburbs in Perth and regional Western Australia below the house price median . It is important to note historical price growth is no indicator of future conditions however there are some interesting trends that could be considered :
• The best performing Perth suburbs include a mix of premium unit markets , as well as houses in more outlying areas . Right now , most of Perth is seeing strong price growth .
• In regional areas , mining towns are currently dominating price growth .
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