Title :REIWA dismisses property growth claims by BIS Shrapnel Created : 2010-06-15 14:43:25.0 Author Name :Communications 15 June 2010 The Real Estate Institute of Western Australia has dismissed claims by BIS Shrapnel today, that Perth house prices would grow by around 7 per cent each year for the next three years. REIWA President Alan Bourke said this prediction was too optimistic and not supported by current data trends. "REIWA data is showing that the number of properties on the market in Perth has jumped by 32 per cent since January, with more than 14,000 listings currently up for sale in a sluggish market," Mr Bourke said. Mr Bourke said the rental market was also 'quite soft', with rents having remained steady for more than a year and a half and the vacancy rate of available properties hovering around 4.5 per cent over the same period. "The reality is that the uncertain economic conditions overseas, coupled with concern about the resources super tax and a lowering of the expected migration intake over the next year is making the local market very flat, with many buyers waiting until after winter and the looming Federal election to see how things pan out. "I expect that the local property market will be very steady for at least the next year, then after that we may start to see some modest growth, but nothing like 22 per cent over three years, that just isn't realistic under current conditions," Mr Bourke said. Mr Bourke said it was now a buyer's market, with weekend home opens seeing many people doing the rounds to make sure they saw everything in their price range to ensure the best deal. "Sellers need to understand that the market will be flat for at least a year, so it's important to listen to your agent about setting the right price for a quick sale," Mr Bourke said.