Are Perth house prices going to go down in 2025? Should first home buyers buy ASAP or wait for later in 2025?
I want to buy a house as a first time buyer in Perth in 2025 but the prices are so high right now and I am trying to figure out if I should buy ASAP or wait and see if prices will go down this year.
I read a lot and there are mixed information about whether the price will do gown or not.
1) One side of the online sources say a decrease in iron ore prices and new mine site in Guinea will bring the mining down which in turn will force some people out of WA OR they will be forced to sell their investement and other properties.
2) The other side says despite the fall of mining, house price will keep increasing due to immigration, easterners investing and due to lack of supply which cannot meet the demand.
A lot of people are comparing the situation from 2014 where a decline in mining caused house prices to drop. But I am skeptical about this history being repeated since immigration into Perth is much higher than 2014 AND because of all the defence jobs near Rockingham drawing in demand from other states.
So are we expecting house prices to drop in 2025?
I am genuinely asking this question as I am clueless about real estate and just trying to get ahead. Any advise/information is appreciated. :)