Once boasting the lowest property prices in Australia, Perth is now a booming metropolis with property sales and values rising every month.
In 2002, the average price of a family house in the Western Australian capital was $190,000.
However, since that time, property prices in Perth have climbed steadily on the back of a strong economy and multi-million dollar mining deals.
Recently released figures from RP Data show that the average house price in Perth is currently $430,000.
RP Data’s national research director Tim Lawless said now is the time to buy properties in the resource driven state.
“Timing is crucial – buying into a resource driven market early is the key to strong capital gains and getting out at the right time is also critical,” Mr Lawless said.
“For those investors who get it right there are some spectacular gains to be had by investing in resource driven areas.”