{"id":37129,"date":"2022-02-25T09:56:11","date_gmt":"2022-02-24T20:56:11","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=37129"},"modified":"2022-02-25T09:56:11","modified_gmt":"2022-02-24T20:56:11","slug":"property-experts-warn-perths-housing-crisis-to-become-a-catastrophe-when-wa-border-drops","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/property-experts-warn-perths-housing-crisis-to-become-a-catastrophe-when-wa-border-drops\/","title":{"rendered":"Property experts warn Perth\u2019s housing crisis to become a \u2018catastrophe\u2019 when WA border drops"},"content":{"rendered":"

PHOTO: Mr Thompson\u2019s been in the business 20 years but says he\u2019s never seen a market like this.\u00a0<\/span>CREDIT:<\/span>PETER RAE<\/cite><\/strong><\/p>\n

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Perth property experts believe the city\u2019s housing market is on a knife edge and when \u2018Fortress WA\u2019 reopens on March 3,\u00a0an influx of tens of thousands of residents will be like a \u201ctorpedo heading for a submarine\u201d.<\/p>\n

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Industry insiders predict anywhere from 20,000-80,000 interstate and overseas migrants will be fighting over only 10,000 properties in the months after reopening, and the current housing crisis will become a housing \u201ccatastrophe\u201d with price rises that tip the market into a boom-bust cycle.<\/p>\n

State government projections released in December predicted WA\u2019s population would grow by one per cent in 2022-23 (26,800 people), 1.3 per cent in 2023-24 (34,840 people) and 1.4 per cent in 2024-25 (37,520 people). These had all been freshly revised up from previous projections.<\/p>\n

CoreLogic\u2019s latest statistics show currently fewer than 8000 properties to buy in Perth and 2000 properties to rent.<\/p>\n<\/div>\n

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Ryan Thompson is director of a company that coaches real estate agents and runs another company specialising in auctions. He said Perth was already\u00a0struggling with demand.<\/p>\n

\u201cI am told there has been permission given to 30,000 people to return or come to Perth from March and there are another 50,000 awaiting approval,\u201d Mr Thompson said.<\/p>\n

The Perth market also had more interstate buyers than ever before with many buying sight unseen while they awaited the reopening.<\/p>\n

\u201cI\u2019ve been in real estate for 20 years and I\u2019ve never seen a situation like this before,\u201d he said. \u201cIt\u2019s a torpedo heading for a submarine and it will explode.<\/p>\n<\/div>\n

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