225: Western Australia property investment market 'slows'

Navigation trail: / latestnews / archive / 225 - published: 02-11-06

The Western Australia property investment market is slowing due to a shortage of land, according to new figures.

A study by the Australian Bureau of Statistics (ABS) revealed a house price increase of just 0.2 per cent in July.

Property investment values elsewhere in the country went up by 8.3 per cent, according to the research.

Michael McLean, director of the Master Builders Association, said that this market slowing was due to a shortage of land.

He said: "I think these latest figures indicate that the Western Australian housing market has definitely peaked.

"The bubble seems to be bursting in Western Australia's housing sector with capacity dwelling units of around 21,000 being met with these latest statistics, which I might add are prior to the latest interest hike, and so that's also going to exacerbate affordability for new home buyers."

Source:

Mathaba.Net - Australia