Perth house prices rise as population 'booms'
Perth's residential real estate sector could be set to 'boom', with house prices tipped to grow amid growing demand for property in the city.
David Airey, president of the Real Estate Institute of Western Australia (REIWA), said Perth's strong population growth and improving consumer sentiment will drive up house prices as property stock levels diminish.
Current figures show there are just 8,429 dwellings for sale in Perth, compared to 14,092 during the same time last year.
The latest data, which indicates conditions are improving in the city's real estate sector, may be welcomed by those selling a house in Perth, with it potentially meaning higher returns and less time on the market.
"Perth's population is growing at around 1,000 people every week and the market is turning over around 1,000 properties every week," Mr Airey commented.
"As our population continues to grow on the back of the state's healthy economy there will be ongoing pressure with the housing system."
The property expert said agents were reporting a shortage of dwellings in the popular price range of around $500,000 - a trend underpinned by a lack of new listings.