Perth is now returning to growth after three years of declining markets. Brisbane and Perth are the weakest city markets this year but the weakest cities are expected changed ins tatus to the strongest city markets next year.The two cities namely Perth and Brisbane have much in common, both are seeing growing airport to traffic from fly-in-fly-out workers. Both cities are boosted by emerging resources boom and have CBD office vacancies contract and for industrial property grow. They are both seeing improving sales volumes and rising rents for residential property. In Brisbane City, the number of house sales is 13% but the median house price reduced 2%. The vacancy rate in Brisbane city is 2.3%, while Logan city is 1.8%. The REIQ says, the state’s tourism centers of the gold, sunshine and Fraser coasts, as well as Cairus, are sill experiencing oversuply of stock.
According to Andrew Wilson, Economist for Australian Property Monitors, says, ” Perth has the potential to go on one of its notorious price benders next year. I wouldn’t be surprised to see double-digit price growth in Perth in 2012.” Perth is already the capital int he office, industrial and hotel markets. One indicator is data on fly-in-fly-out workers passing through Perth Airport. Perth Residential Property will follow in 2012.