Perth's residential tipped to be 2021's strongest capital city market

Perth’s residential market is tipped to record double digit growth for the first time in more than a decade to lead the nation’s housing recovery in 2021. CBRE’s 2021 Australia Real Estate Market Outlook Report predicts Perth’s residential market to be the nation’s front runner. It tips Perth house prices expected to grow between 9%-12% and unit prices to lift 5%-7% in 2021. “A return to positive interstate migration, accompanied by a solid resources sector outlook, is helping propel Perth’s housing market recovery ahead of the nation," CBRE’s head of residential research, Craig Godber, said. “Supply also remains tight, with vacancy already sub-1% which is leading to strong rental growth and providing attractive opportunities for investment in 2021.” CBRE’s latest forecasts show that Brisbane and Sydney’s residential markets are also poised for a rebound in prices in 2021. Sydney is expected to see house price growth of between 7%-10%, while units will experience a 0%-3% rise. Growth of 7%-10% is forecast for Brisbane’s housing market and units are on track to record a 3%-5% value uplift. The report predicts 5%-7% growth for both Adelaide and Canberra’s housing markets, with the former expecting a 3%-5% rise in unit prices and the latter tracking an uplift of 0%-3% for units. A longer recovery is forecast for Melbourne, with house prices expected to lift 3%-5% in 2021 but no increases for its unit values.