Western Australia is pulling itself out of the depths of the Global Financial Crisis with property prices rising to pre-GFC levels.
The recovery has been seen across all areas of Western Australia, but the most noted spikes have been in the regional areas because of mineral discoveries and mining growth.
Rael Bricker, the manager of a home loans company, and Warren Dworcan, the managing director of Rate Detective, said that there are a number of reasons that prices are beginning to bounce back:
- Investors are once again finding confidence in the property sector.
- The concurrent rise in rental prices is making it more attractive for individuals to buy instead of renting. At present properties are returning rent yields of 15%.
- Low interest rates in Australia are encouraging people to make the leap into the property market after having waited for the financial situation to improve.