Perth’s economy grew by 4.7% in the 2023-24 financial year, double the national rate, making the city a prime choice for property investors.
“Western Australia’s varied economy means we’re less susceptible to downturns and more resilient in the face of global challenges,” said Peter Gavalas (pictured), a buyer’s agent at Resolve Property Solutions.
The state’s robust economic foundation across sectors like mining, agriculture, and tourism enhances its investment potential.
Western Australia led the nation in population growth, up 3.3% between the first quarters of 2023 and 2024, further fueling the demand for housing.
“The influx of new residents needing places to live has put upward pressure on prices. But, this has created an opportunity for investors,” Gavalas said.
As the city’s population continues to grow, so does the competition for available properties, driving up values and creating a favorable environment for property investors.
Perth’s property market has experienced rapid growth, with dwelling values increasing by 24.7% between July 2023 and 2024, outpacing other capitals.
“With demand high, there will continue to be upward pressure on home values,” Gavalas said.
Additionally, Perth’s low rental vacancy rates, just 0.8% in July, are contributing to solid rental yields, making the city an attractive option for investors seeking both capital growth and steady rental income.
The combination of Perth’s strong economy, low unemployment, and ongoing population growth positions the city as a compelling choice for property investors.
“Perth’s property market has grown considerably over the last 18 months, despite interest rate hikes putting pressure on borrowers,” Gavalas said.
As the state’s economy continues to draw in migrants, the sustained demand for housing is likely to keep prices and rents on an upward trajectory, offering continued opportunities for investors.
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