WA Real estate market welcomes employee shortage

The Chamber of Commerce and Industry in Western Australia this week revealed projections that the state would require 500,000 new employees over the next decade.
This signals very positive news for the WA real estate market according to David Hobbs, CEO of Professionals Real Estate Group.
Mr Hobbs noted that the Western Australian Real Estate market had been unduly affected by debate surrounding the “Super Tax” on the mining industry.
“The reality is that major new investment in the resources sector in Western Australia is still proceeding and this will result in a huge population boom for the state. 500,000 new employees equates to eight times the population of Bunbury and this will certainly put major pressure on the property market in Western Australia. Western Australia is already experiencing a shortage of housing with the National Housing Supply Council recently estimating a shortfall of 30,000 homes, a situation likely to be exacerbated by a rising population. While sentiment in the WA housing market may have been affected in the short term by the double whammy of the Mining Super Tax and higher interest rates, Professionals is confident the property market will rebound as the fundamentals of the economy are apparent once again. One key fundamental in our economy is the fact that there is an under supply of houses during a period when our population will increase significantly over the next decade. For anyone considering buying a home, now is an ideal opportunity to take advantage of a temporary slowdown in the local market. The prospects of achieving strong capital growth over the long term are highly anticipated as the demand for property substantially outstrips supply,” he said.
Anyone wishing to investigate the current opportunities in our market is encouraged to contact their nearest Professionals office.
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