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The population of Perth is growing faster than the housing market in Western Australia. This has caused a housing shortage in 2023, with too many people vying for not enough homes. This has been exacerbated by builders taking on fewer projects due to economic uncertainty and pandemic-related restrictions.

For those looking to buy a home in Perth, now is the time to act. Despite current market conditions, Perth still offers an array of housing options with many new builds and existing homes available.

Buying a home in Perth can be made easier by engaging a local real estate agent who knows the area’s unique market dynamics, such as price trends and availability. They can also provide advice on finding competitive mortgage rates and navigating the settlement process.

As competition for housing rises, so do prices and this could mean higher costs for buyers in Perth. To mitigate rising prices, some potential buyers may consider looking at areas that are traditionally less expensive or searching out deals on distressed properties.

In addition to price hikes, renters are also feeling the pinch of limited supply with more people vying for fewer available homes. This has led to an increase in competition for rental properties, with some renters now facing bidding wars to secure a lease.

The 2023 housing shortage in Perth could present both opportunities and challenges for buyers and renters alike. But by engaging the help of a local real estate agent, understanding market dynamics, and researching all options, those looking for housing in Perth.

Why is there a housing crisis in Perth?

The housing shortage in Perth is due to several factors. The population of Perth has been increasing at an accelerated rate since 2019, with the number of people living in Western Australia rising by 11% over the past three years.

At the same time, builders have taken on fewer projects due to economic uncertainty and pandemic-related restrictions, resulting in fewer homes being built. To make matters worse, there has been a shift in housing preferences with buyers now wanting larger homes due to the restrictions of working and learning from home.

This combination of higher demand and lower supply has caused a chronic shortage of available housing in Perth. This has placed significant pressure on both buyers and renters as competition for homes increases and prices rise.

Is it a good time to buy a property in Perth WA?

Despite the current housing shortage, Perth still presents an array of opportunities for buyers. Prices are still lower than other capital cities in Australia and there is a wide selection of new builds and existing homes available. With the help of a local real estate agent, buyers can easily find competitive mortgage rates and navigate the settlement process.

However, rising prices have caused some potential buyers to look further afield, searching for deals on distressed properties and exploring areas that are traditionally less expensive.

What can renters do about the housing crisis?

Renters in Perth have been hit particularly hard by the housing shortage as competition for rental properties has become fierce. Some renters are now facing bidding wars to secure a lease and landlords can be more selective in choosing tenants.

To mitigate this, renters should look to secure a lease as soon as possible and ensure that their applications are well-presented and accurate. They should also consider looking at areas outside of the city centre, which may offer cheaper prices and fewer restrictions.

Overall, the 2023 housing shortage in Perth presents both opportunities and challenges for buyers and renters alike. But with the help of a local real estate agent, understanding market dynamics, and researching all options, those looking for housing in Perth can feel confident that they will find what they need to make their dreams of homeownership a reality.