06/11/2024
As we move into the last few months of the year, Perth’s property market continues its upward journey, demonstrating resilience and sustained growth in a landscape where property prices are climbing across multiple capital cities.
Here’s a quick overview of what’s happening in Perth and what we might expect in the months ahead, using insights from reiwa.com.au, realestate.com.au, and RP Data.
📈 Perth’s Growth: A Leader in the Market
In October, Perth led Australia’s property market with a solid 1.4% price increase. Average home prices in Perth now sit at $804,000 - an attractive figure when compared to national averages. This upward trend positions Perth as one of the hottest markets in Australia.
🏡 Supply Constraints & Market Pressure
Perth’s tight property supply has been a consistent factor in keeping prices high. Despite an increase in listings, there simply aren’t enough homes to meet the level of demand. In comparison, other cities with more balanced supply-to-demand ratios have seen slower price increases or slight declines.
📅 Market Predictions?
The limited supply of listings combined with strong demand suggests that prices in Perth could stay robust through the end of the year. However, rising mortgage rates might slow some buyer enthusiasm, potentially slowing growth until interest rates ease - predicted for early 2025.
With a competitive market and strong prices, it’s a great time to understand where your property stands.
Andrew Porteous
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📞 0488 118 68
