WA Property market update 2023
We are pleased to share with you some insights and resources on the WA property market, particularly on how it will be affected by the recent interest rate rise. According to our CEO Cath Hart, the WA property market has strong local market fundamentals that will cushion the impact of the interest rate rise.
WA's economy is strong, unemployment is low, there is population growth, and affordable housing options are available. All these factors will continue to support the market in the long term.
While other states have already seen a significant decline in property prices, we remain optimistic about the WA market. As Ms. Hart explained, history shows that WA's property market is often out of cycle with the east coast, and that the current situation is not an exception.
One reason for WA's resilience is the subdued effect of the COVID pandemic on the property market, which means there has been less of a correction compared to other capitals that saw dramatic increases in property values.
We encourage you to seek local sources of information, particularly from REIWA, to better understand the market. Our agents have specialised knowledge of the WA market and are in touch with what is happening in their respective areas.
While the interest rate rise will have some impact, it is not the only factor that affects the property market. We predict that there will be a period of adjustment, but we are maintaining our expectation of low to moderate growth over the course of the whole year in the range of 2-5%.
If you're thinking of buying or selling a property, don't hesitate to contact our agents who can provide you with personalized advice based on your specific needs.
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