Perth
Strong economic growth set to continue
Western Australia ’ s economic growth story continues this year . Iron ore continues to be a big driver of its economy but now the state is the largest producer of lithium in the world . As the push to green energy minerals gathers pace , Western Australia is one of the best places in the world to find them . Greater diversity in mineral production is setting the state up well for the next decade .
For housing , this strong economic growth and subsequent movement of people to the state as a result , means that prices have remained far more stable through the downturn . Price growth has now started up again . The median is getting back to where it was at the start of last year .
While a turnaround seems to be occurring , some areas are doing better than others . Some of the most expensive suburbs in the city have seen prices falling the most but conditions are improving . Cottesloe-Claremont ’ s median has declined by almost $ 82,000 over the past 12 months but is now back up to where it was mid last year . Elsewhere in cheaper locations , price growth is still occurring . In Rockingham , prices are up $ 11,000 since last year .
Like Brisbane , Perth has a challenging situation with rents at the moment with not enough properties available . Unlike Brisbane however , Perth has a lot of home builders that has resulted in a significant increase in home completions over the past 12 months . As the economy turns around , and interest rate increases start to slow , it looks like a much better 2023 for the Perth property market .
18