Sorry all, it was the AFR first couple of paras, below. Bubble? I don't think so - Perth's got a jobs boom going on due to mining (please see commodity prices for details..) , and is having to import labour from the other states to fill it. Its already in shortage, and is using every incentive its got to get labour to relocate to Perth/WA (see NRWs latest report for details, amongst others) so it doesn't get caught short by another border closure due to Covid (and particularly, Covid mutations).

Commodity boom is set to sustain for a decade are the latest reports I've seen.

Then, once you get borders opening - expectation is that even more will move (currently, for even one person leaving Perth, two are moving here, according to the removalists data) as being "The Most Isolated City on Earth" just changed into being a very big virtue. "Safest Place on Earth, Perth" is still a tagline I like, but I don't want to jinx it!

Finally, McGowan's taking the resources boom royalties, and using it to create even more jobs, plus bring the unis into the CBD... "boom".


https://www.domain.com.au/news/brisbane-gold-coast-perth-outstrip-sydney-and-melbournes-prestige-property-market-1029227/

Brisbane, Gold Coast, Perth outstrip Sydney and Melbourne prestige property markets

SARAH WEBB FEB 24, 2021

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The hunt for a house that’s not just a home, but a COVID-free castle, has pushed up prestige property prices in Perth, the Gold Coast and Brisbane, with a new report revealing the three cities outstripped the nation’s two biggest capitals during 2020.

The Knight Frank Wealth Report 2021, released today, also revealed the trio made a global splash in the Prime International Residential Index (PIRI 100), which tracks the movement of luxury home prices across the world’s 100 best residential markets.

Off the back of surging buyer demand, low interest rates and a greater emphasis on lifestyle, the three cities, with Perth in the lead, were ranked in the top 44 of prestige markets, after they each clocked up annual price growth of more than 2.5 per cent.

Sydney was ranked 56 – after prestige home prices grew just 1.1% – while Melbourne came in at 63 after prices rose 0.9 per cent.

A roaring resources sector and a push towards relaxed lifestyle locations saw Perth not just top the national list and rank 34th globally, but dramatically leap from last place among Australian capital cities in 2019 after prestige property prices soared by 3.6 per cent last year.

Perth property leads nation, set for double-digit growth this year

Martin KellyProperty Reporter

Feb 24, 2021 – 6.18pm

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After years in the doldrums, Perth’s property market has emerged as the nation’s strongest with two separate reports pegging the West Australian capital as the national market leader in price growth.

In its Australia Real Estate Market Outlook Report, released yesterday, CBRE predicted Perth houses this year would increase in value by between 9 per cent and 12 per cent, and unit prices would rise 5 to 7 per cent.