Did you know that economists are predicting Perth housing prices to jump by 12% in 2021? This prediction will see the Perth property market outperform all Australian capital cities this year, with a predicted $48,000 to be added to Perth median house prices.
This forecast is expected to be the only double-digit growth figure. Perth’s next closest rival capital city is Brisbane, with a predicted increase of 9.5%.
Having said that, the Real Estate Institute of Western Australia is being more cautious with their predictions. REIWA believes Perth will see growth of 6-10% in 2021.
Perth Property Market 2021: The factors influencing growth
There are many factors that are influencing the property market in Australia and not just Perth:
- Historically low interest rates;
- High levels of government stimulus;
- Reopening of domestic borders;
- Improved economic activity;
- And lack of COVID-19 community transmission
Factors that have a specific influence on Perth housing prices:
- Supply vs demand – there is a genuine shortage of housing stocks in Perth;
- And mining sector performance
Be prepared when it comes to making an offer
With these Perth property market trends in mind, it’s never been more important to talk to a settlement agent. At Mosaic Settlements we want you to be prepared when making an offer. Our expert settlement agents can help you:
- Figure out exactly the initial costs you’ll need to pay
- This includes your deposit, LMI, stamp duty, bank fees, building and pest inspection fees to name just a few
- Making sure you have pre-approval from your lending institution
- Put together an overall game plan
- With peace of mind, knowing that you have a professional settlement team experienced in the Perth property market at your disposal
You want to be perfectly placed for your residential housing transaction, especially given the current favourable conditions for investors.
Contact Mosaic Settlements today
Whether you’re new to the Perth property market, or an experienced mortgagor, be sure you put your faith in a settlement agent Perth locals highly recommend. Contact our expert conveyancing team to ensure your settlement is in the safest possible hands.