Perth property market set to rise in 2013
Perth will be on par with Darwin for having the highest growth in median house prices for 2013, a national report has predicted.
House prices in Perth could increase between 5 and 7 percent over 2013, according to Australian Property Monitors’ annual State of the Market Report.
The report predicted price peaks of 2013 in Perth would be driven by immigration, housing shortages, steeply rising rents and a strong economy.
First home buyers, investors and change-up buyers from the low to mid-range of the property market will all be active in 2013.
The national median house price rose by just under 1 percent over the 10 months to October this year, said to be a reflection of localised factors in capital cities including job security concerns, cost of living pressures and government fiscal policies.
“Overall markets have stepped forward modestly into recovery in 2012 with the prospect of this trend continuing in most capital cities,” said Dr Andrew Wilson, Senior Economist for Australia Property Monitors.
“2013 should continue to build on the modest gains of the past year, however the forthcoming federal election and the likelihood of a protracted campaign may result in some uncertainty amongst homebuyers and sellers, with confidence already low,” said Dr Wilson.