house price will increase by 40 percent, page-62

Rising interest rates and an exodus of investors has trebled the number of houses on the market in Perth.

Figures released by the Real Estate Institute of Western Australia (REIWA) show a dramatic increase in number of properties for sale in Perth.

The Institute says number of properties for sale has climbed from 4-thousand 8-hundred two years ago to almost 17-thousand today.

The President Robb Druitt says some investors are pulling out because it is no longer as profitable to invest in Western Australia.

Others have been hit by interest rates and tumbling share prices.

"There are a small number of people that do have to sell as a result of rationalisation of the stock market," he said.