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REIWA Reports Increase in Perth House Prices

Article Date : Friday, January 11, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Property prices in Perth, Australia, recorded gains of 1.1 per cent in value during the final quarter of 2007, it has emerged.

Demonstrating the area to be a profitable investment for property buyers, the price hike also followed a 1.3 per cent rise recorded in the third quarter of last year, according to research by the Real Estate Institute of Western Australia (REIWA).

Despite the impact of the global credit squeeze which has caused a market slowdown at a suburb level, no wholesale downturn has occurred despite the gloomy predictions of some property commentators over the last 12 months, commented Rob Druitt, president of the REIWA.

"Clearly the Perth market is very resilient. And why wouldn't it be with [western Australia] continuing to lead the country in terms of business investment, exports, employment and population growth?," he added.

Strong population growth is expected to maintain consumer demand for sale or renting at current levels during 2008, Mr Druitt said.

REIWA is the watchdog for western Australia's real estate sector and reports the industry's interests to state, local and federal governments.
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