Nedlands is experiencing substantial growth
According to data provided by REIWA and based on settled sales as at 31 January 2022, Nedlands has experienced a 17.1% annual growth rate. The population of Nedlands has also increased to 10,194 as demand surges in one of Perth’s most sought after suburbs.
Above: Median house price for Nedlands, Perth
Above: Median unit price for Nedlands, Perth
Demand is outweighing supply
With constraints on construction and development, there is a limited amount of new stock being supplied to the market. With this, demand is outweighing availability and particularly in Nedlands as a sought after suburb. According to realestate.com.au, Nedlands is a high demand market with 553 visits per property compared to the 436 average seen in Western Australia.
An influx of nearly 30,000 applications to enter Western Australia from overseas and interstate has been received by the State government in preparation for the change in entry requirements on February 5. This influx of new buyers entering the market will continue to drive immediate demand while supply remains low.
It is also expected that Perth will see an increase in skilled migration numbers due to our high job vacancy rates and wage growth, further adding pressure to the property market. This will see a significant increase in price for available stock on the market.
Prices increasing March 2022
Construction prices in Perth have increased and are further increasing
Labour and material costs are increasing across all sectors globally, and the Perth market is no different. The impact of this will be passed down to buyers with prices inevitably increasing.
Prices for Melvista on Broadway are also set to increase on the back of this, making now the best time to buy and secure your luxury Nedlands residence at the most affordable price.
A limited number of developments have commenced construction
More than 10,000 apartments which were planned to go ahead have now stalled according to a recent survey by the Property Council of Australia. Ongoing skills shortages and material price increases have placed incredulous pressure on the financial viability of these projects, making them no longer profitable. The impact of this drop in forecasted supply, with demand continuing to rise as more people return to the state, will lead to further price increases as buyers compete for available stock.
With finance secured, Melvista on Broadway has already commenced construction ahead of any other recent development in Nedlands. With over 40% now sold and prices set to increase in March 2022, don’t wait, enquire now or book your display visit.
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