Special Report: Hot property

In the midst of Western Australia's escalating property prices, Jenelle Carter spoke to a number of prominent WA property figures to find out if and when the bubble will burst.

A hot property market and soaring median house prices are not the exclusive domain of Perth, with regional centres also getting a good dose of property fever.

Sydney-based Australian Property Monitors believes Perth is in line for a price correction of between 16 and 20 per cent in six to 12 months, if global commodities markets slow.

Developers are lining up for a piece of the next phase of Perth's office market action to capitalise on the solid returns promised by high rents and current vacancy rates of 3.5 per cent.