House and unit price growth and sales activity was strongest leading up to the Global Financial Crisis (GFC). House prices increased from $160,000 in 2000 to $462,500 in 2007 (27% p.a) and apartment prices increased from $108,000 in 2000 to $385,000 in 2007 (37% p.a).
While Perth apartment sales have moderated since the 2013 post resources boom period, the median unit price has held up relatively well at $405,000 over 2016.
Perth is emerging from a cyclical trough and the underlying fundamentals of a resilient economy, pipeline of infrastructure investment and the next wave of resource sector investment is expected to bolster the residential market over the medium to longer term.
Numerous factors will drive a strong increase in demand for apartments in Perth. Key drivers are summarised as follows: