Perth’s median house price will hit $1 million in the next 10 years, a new study by Australian Property Monitors (APM) has found.
According to APM, the median house price in many Perth metropolitan suburbs may eclipse the $1 million barrier in as little as five years.
Within 10 years, only a “handful of suburbs in the Perth metropolitan area will have a median house price below $1 million”, APM said.
A report in the Sunday Times newspaper said Western Australia’s house values could soon be the highest in the country, as the state rides another expected resources boom.
The median house price in Peppermint Grove, which lies on the Swan River, just outside the Perth CBD, was predicted to reach more than $25 million in the next decade.
But while the prospect of housing prices doubling in the next 10 years was good news to some property buyers, first-home buyers are increasingly being priced out of the market.