The recent deceleration in Perth's rate of population growth has led to falling rental rates and increased vacancies, particularly in apartments.
However, one area of the property market continues to rise. According to the HIA New Home Sales Report, new home sales grew 2.2 per cent in November. New home sales consisted of detached houses and multi-unit developments. The sale of multi-units experienced substantial growth, reaching their highest sales level since September 2003.
HIA chief economist Harley Dale said "The key leading indicator measures of building approvals and new home sales suggest this re-concentration of growth in the multi-unit segment will persist into 2015". This report is welcoming news for Perth home builders.
Despite a fall in the rate of population growth, recent data from the Australian Bureau of Statistics indicates an increase in the Western Australian population of 2.2 per cent in the 2014 financial year. Hays Recruitment believe that this continued population growth, along with an increasing demand for residential properties, will mean employment growth for the construction industry in 2015.