When the demand is high and the supply is low, the price is high. But when the demand is low and the supply is high, the price is low.” In this saying, Perth property market boost because the house prices is high because of the higher demand of property. Mining is the number one factor why the demand is very high in this city. But nowadays, mining slowly down which the housing market affected. Will Perth property market continues to slump?
According the Leasing Agent Annette O’Brien-Oxley, “It was the middle tier of the market that was most affected. We’ve seen a remarkable drop off in demand, so the rents have had to reduce.” Mining sector slowed down in Perth, so demand is low also that’s why rent vacancies increases. But still, WA have few properties including Perth are available that put pressure to increase the demand.
Leasing Agent Annette O’Brien-Oxley said, “A number of them will fully furnished and equipped, so again there will be a big supply and we have to see where the demand is.”