High Demand for Homes Continues Amid Population Surge in WA

April 8, 2024

Demand for housing in Western Australia is expected to continue to outstrip supply, according to REIWA CEO Cath Hart, as the state’s population continues to surge.

New data from the Australian Bureau of Statistics showed Western Australia experienced an annual population increase of 3.3%, which is the biggest since 2009, as the state’s population swelled to 2.905 million residents by September 2023. 

This influx translates to approximately 93,591 individuals, equivalent to around 37,000 new households that have relocated to Western Australia over the past year.

“WA’s population remains the fastest-growing in the country, and there are little signs of this easing with the government adjusting its forecasts upwards. This will maintain pressure on WA’s sales and rental markets. We can expect to see house prices and rents continue to rise, homes to sell and lease quickly, and the rental vacancy rate to remain low for some time yet." Ms Hart said. 

REIWA expects WA’s population growth to maintain its robust trajectory, with the State Government adjusting its forecast upwards towards the end of the previous year. 

The revised projection for 2023-24 now stands at 2.4 percent, a notable increase from the initial 1.7 percent forecasted during the budget announcement.