Australian property market may be struggling, but Perth is outperforming. Unemployment has slightly dropped for the past few months. Oversupply of houses is observed in Perth and demand weakens. Nonetheless, Perth is standing out in a challenging market.
According to new data from the Real Estate Institute of Western Australia, “Leasing across Perth’s rental market increased by 17% in August”
“Although WA’s population growth has shown in recent times, there has been a small left in the overseas migration of the state”, REIWA President Hayden Groves said.
Despite slow population, growth migration helps to overcome the marketplace and inevitably drive up demand. The market is in favor of tenant’s side because demand is low, supply is high and the price is low. Therefore, the tenant has a lot of choices in the market to choose a good position in securing a home with affordable prices.