Where’s our Real Estate Market Headed Next?

The WA real Estate market could be set to boom, and it may be sooner then expected.

A number of factors contributed to its recent slowing, including interest rate increases, uncertainty over the proposed mining tax, concern about the global economy, the election and the usual winter slow down, however, the light at the end of the tunnel could change to a shining beacon.

Western Australia leads the nation’s population growth, with thousands of people arriving each month, all needing a place to stay, either buying or renting.

Another overlooked factor is the Generation X and Ys living with mum and dad a lot longer than previous generations, deciding to skip the rent for the affordability of their parents house whilst they save those dollars for that necessary house deposit.

Put simply, Western Australia has thousands of young people still living with mum and dad, with the majority of them having intentions at some stage to buy within the next two to 10 years.

Also, there is a slow realisation with more and more investors buying up with the knowledge that the ever reliable economic clock continues to tick and today’s average price should double over the next 7 – 10 years.

Read more: http://evergreen.sobox.com.au/2010/09/03/where%E2%80%99s-our-real-estate-market-headed-next/