Perth WA: Locals Only - Too Hard to Compete to Live in Now!

Br.IanVonTurpie · Tue 09 Apr 2024

https://www.dailymail.co.uk/news/article-13286629/Perth-residents-brutal-message-outsiders-moving-city-Dont-come.html

A Perth resident has taken aim at property investors who are flocking from interstate and jacking up rent and house prices for locals.

The frustrated local revealed their rent had increased by more than 50 per cent over the last year-and-a-half and that they had been frozen out of the property market.

western Australia's capital has seen a huge population boom in recent years and drawn increased interest for its affordable property market.

The city boasts some of the lowest prices in the country with the median house price at $735, 276 compared to $1,414,229 in Sydney.

Some 2.9million residents call Perth home after the population grew by 3.3 per cent in the year to September

An increase in population and growing interest from interstate buyers has seen house prices rise by 20 per cent over the past year.

The increase has had a flow on affect with renters with residents seeing a median increase of $80 a week - with some being slugged with much more.

The outraged Perth local took to social media to tell others not to move to the city as his rent has increased by $260 a week in just a year-and-a-half.

Having initially paid just $350 per week for the Perth rental, the resident blames property investors for the total $610 he now forks out every week.

'I earn good money but house prices coupled with everyday expenses doesn't allow me to save enough to buy a home,' he wrote on Reddit.

'I have friends who have made offers but investors are out bidding them every single time (by $50,000-60,000).'

The local then took aim at the increasing cost-of-living impacting Aussies, saying 'health care is no longer bulk billed , food is stupidly expensive, same with fuel and services ... WTF are we meant to do?'

The post caught the attention of locals who chimed in, many of which claimed it stems from a number of issues such as housing supply and immigration.

'Immigration is one issue, absolutely, but the main cause to all of this is the lack of housing supply,' one user wrote.

'Perth - and practically the entirety of Australia - don't have enough tradespeople to build enough housing at a decent rate.'

'We have enough supply for owner occupiers, just not enough for for both them AND all the investors,' a second wrote.

'If they could drop the demand on using property for investment then the demand drops and the supply we need to provide would reduce.'

Another said Perth was starting to lose its charm as a slower, quieter and more suburban city.

'No insane traffic in the morning, basic expenses weren't through the roof (though inflation has def contributed to this), and the overall atmosphere was nice and slow-paced,' they wrote.

Having lived over east in the past, it scares me that Perth is slowly turning into Sydney or Melbourne.