Perth residential market forecast to remain weak: BIS Oxford Economics
Staff reporterDecember 7, 2020
After an extended downturn, Perth’s median unit price at June 2019 is estimated to be 27% below its March 2007 peak, according to the BIS Oxford Economics Residential Property Prospects 2019 to 2022 report.
While affordability has improved significantly, price growth is being inhibited by a weak state economy, excess dwelling stock and weak population growth.
With conditions unlikely to improve in the immediate term, notable price rises are not expected to return until 2021/22 as the economy shows stronger signs and excess stock is absorbed.
Total median house price growth of 7% is forecast in the three years to June 2022 with a corresponding rise of 8% for median unit prices.
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