The WA economy remains weak at present, but should improve over 2019. Public expenditure and mining investment are expected to increase, business confidence is improving and commodity prices remain elevated. Although demands remain soft across the Perth housing market, it should gradually improve over the medium term.
Here are points highlighted in the report: -
• Vacancy rate has fallen sharply over 2018, suggesting that the worst is over for the rental market.
• Detached houses remain preferred over apartments in WA and both houses and units have been selling much quicker in prestige areas.
• JLL’s 4Q2018 apartment market report shows that apartment supply in Inner Perth will be relatively high in 2019 and 2020.
• Perth yields for both houses (3.8%) and units (4.7%) remain higher than Sydney and Melbourne markets, but lower than others.
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