Perth’s property market is continuing its runaway growth with the value of the city’s overall real estate smashing the $1.1 trillion mark.
Property agent James Limnios said the record high followed an average $4 billion-a-week growth in the three months to September.
And despite apartment approvals also up threefold in the same period, Mr Limnios now wants a taskforce to cut red tape from the development sector in a bid to boost new housing.
“This surge in housing demand is not short term, as has been the case in previous property booms in Western Australia,” he said.
“Rather we are seeing new drivers in our economy, such as investment in rare earths as well as the massive AUKUS submarine project that is starting to create a sustained longer term demand for housing as our State economy matures and becomes more diversified.”
The Housing Industry Association has claimed a breakthrough month for housing approvals, particularly for apartments. HIA executive director Michael McGowan said WA’s total building approvals were up 28 per cent in October.
But Mr Limnios said boutique infill housing developers still faced upfront costs of about $1 million just to complete government approval processes for a single development.
The boost flagged by HIA was largely driven by an increase in multi-unit dwelling approvals, which grew from 202 in September to 693 in October. Mr McGowan said overall building approvals had also increased by 18 per cent over the past year.
He said the pipeline of work ahead should inspire school leavers to consider an apprenticeship.
“Land and labour remain the biggest barrier to increased supply over the next three to five years and we are working closely with government to ensure coordinated infrastructure develop, apprentices and skilled workers remain its highest priority,” Mr McGowan said.
Article by Kim Macdonald
The West Australian – 3 December 2025
