WA set to fall behind on homes
Despite Perth housing prices having fallen in the March quarter, anyone considering getting into the market might want to keep a close eye on prices.
The National Australia Bank property report released last week headlined predictions of a humble 2.8 per cent in price growth in WA housing over the next 12 months.
The report was based on a national survey of more than 300 property industry players, who have WA growth falling behind NSW and Queensland this year. They expected WA growth to recover to match NSW and average 3.3 per cent over the next two years.
NAB economists have a far more bullish outlook for the Perth property market, tipping it will rise 5.6 per cent in the 12 months to March 31, 2015, after having surged 9.8 per cent in the previous 12 months.
With foreign buyers particularly active in the Sunshine State, Brisbane is tipped by NAB economists to lead the nation over the coming 12 months with growth of 6.4 per cent. On a State-by-State basis, Queensland housing price growth is tipped by industry players to be 3.5 per cent over the next 12 months and 4.4 per cent over the next two years.
NAB said the WA rental market was clearly feeling the pinch from slowing mining investment.
