Perth's Property Boom: Affordable Growth in a Mining-Driven Economy

Perth’s property market has surged by an incredible 76% since March 2020, yet it remains one of the more affordable capitals in Australia. As of August 2024, the median home value in Perth stands at $751,000, compared to $861,000 across the combined capital cities.

What’s driving this boom, and why is Perth still affordable? Let’s explore.

Mining: Fueling Perth's Economic Growth

Western Australia’s mining industry is the backbone of Perth's economy. Rich in natural resources like iron ore and gold, the region has benefited from high global demand. This has led to job creation, economic stability, and increased housing demand.

Affordable Housing Despite Rapid Growth

Even with a 76% rise in home prices since the pandemic began, Perth remains relatively affordable compared to Sydney and Melbourne. The median price of $751,000 continues to attract buyers and investors, offering great value for money in a growing market.

Why Investors Are Flocking to Perth

• Sustained growth: Perth has demonstrated consistent property value growth.
• Affordability: Lower prices make it appealing to investors.
• Economic resilience: The mining sector offers long-term stability for the market.

What’s Next??

Looking to invest in the thriving city of Perth. Get in touch with the team at Supavest!?