Perth Property Investment 2020
The Perth property market appears to be consolidating in 2020, with Perth property recording some encouraging capital growth and rental growth figures in selected areas the market as a whole is remaining steady. There is still huge potential of Western Australia to benefit from the rise of emerging Asia in the medium to long term, according to the most recent Deloitte Access Economics Business Outlook report. This should be apparent through the usual suspects, such as iron ore, not to mention other existing and emerging industries including gas, education, tourism and agribusiness.
Perth housing market in resources-dependent WA has been in a downturn for some time, but this looks set to end in 2020.
Perth House and apartment prices are both set to grow by 5 per cent this year, then by 3 to 5 per cent next year, the report predicts.
As the mining sector and local economy pick up, and population growth rises, buyer interest is growing.
Several major projects in development which will only be a boost to jobs and growth in the near-medium term, according to the Deloitte Access Economics Business Outlook report.
Many property analysts are confident that the worst is now behind the WA property market, and that there are reasons for optimism going forward.
As the state maintains its good economic growth and positive population trend, not a boom, but it does look like a welcome return towards more normal market conditions over the next 2 years.
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