Economic outlook strong in the west

PHOTO: Ray White Chief Economist Nerida Conisbee says the economic outlook for Perth remains strong.

Western Australia’s economy has grown by 5.7 per cent since the start of the pandemic, the strongest of all the states and almost double the growth of the rest of the nation.

She says growth is expected to continue, fuelled by strong growth in housing construction, business and government investment.

Ms Conisbee was last night speaking in Perth, at an event organised by the top real estate agent in Western Australia, Vivien Yap who owns Ray White Dalkeith | Claremont.

Ms Yap organised the event to help people who were confused by what they were reading in the media and for those who wanted to know what’s really happening in the market.

“The economic insights have given my clients a sense of confidence in WA. The market is still strong, and our confidence is backed by all this data,” Ms Yap said.

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“I have had a lot of interstate investors, particularly from Melbourne, recently reach out looking for investment properties up to $2 million as they see future growth in Perth.”

Ms Conisbee said two things defined Perth’s property market over the past two years.

The first has been the strongest rental growth in the country and the second has been particularly strong conditions in the luxury market.

Ms Conisbee said Peppermint Grove continued to be the most expensive suburb in the city with a median of $3.3 million, however she said Dalkeith may overtake it this year with its median currently sitting at $3.2 million.

For apartments, Floreat now tops the list with a median of $1.1 million while Eagle Bay, near Dunsborough, is regional Western Australia’s most expensive and one of Australia’s most expensive regional locations.

Topping the list for the most expensive street over the past three years has been Branksome Gardens in City Beach which has a median price of $6.4 million.

Dunsborough dominates the most expensive regional streets with Geographe Bay having the highest median price, close to $2.9 million.

Over the past 12 months, the most luxury sales over $3 million have taken place in Dalkeith while Floreat tops the list for the most units sold over $2 million. Not surprisingly, Dunsborough tops the list for luxury regional sales.

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More than 300 property owners and investors attended the economic and real estate market update held at Frasers Function Centre.