REIWA predicts WA house prices to increase 15 per cent in 2021

23/04/2021
REIWA predicts WA house prices to increase 15 per cent in 2021

Last week REIWA revised its forecast for property prices in Perth. REIWA predicted that prices are expected to grow by 15 per cent this year.

REIWA had predicted initially in November 2020 that they expected prices to increase as much as 10 per cent in 2021.

Early this year, I had predicted that the Perth market could increase as much as 15 per cent, and the data seem to be showing that this will happen.

Although Perth has had substantial price gains, the Perth median house price is still $495,000, which is down 10 per cent from the peak of $550,000 in 2014.

I hear a lot of buyers are saying how expensive the Perth market is getting.  My advice is that WA is still the most affordable state in the country when comparing income to median house prices. There is still capacity for further price growth so that prices relative to incomes is on par with the rest of the country.

If the forecast is proven to be accurate, this could be the year that Perth’s median house price exceed the mining boom peak of 2014.

We have been talking about the overall Perth market.  However, individual markets have performed very differently.  I have seen inner-city markets like Mount Lawley, North Perth and Mount Hawthorn where the median price has equalled the mining boom peak prices or have surpassed these prices.

I will go more in-depth about individual suburb performance in my next newsletter.

If you would like to know what your property is worth in the current market, please contact me.  The market has moved substantially in the last three months, and you may be surprised as to how much your property is worth.

You may have heard that we are about to enter into a 3-day lockdown starting at midnight tonight. As a result all home opens have been cancelled this weekend.

If you are still wanting to view the properties, all of my properties feature 3D-Virtual Walkthroughs, which will allow you to view them anytime 24/7.

The most recent one being this amazing property at 129 Grosvenor Road Mt Lawley.  Click here to view the 3D Virtual Walkthrough.  This technology will even allow you to put on a 3D headset and walk through the home in virtual reality!

In the meantime stay safe and I hope that things get back to normal on Tuesday.

Regards

Chris Pham
Licensed Real Estate Agent
Mobile: 0448 777 511