Perth Real Estate Market Update: What’s Happening Right Now?

5 Nov 2024 Posted By:

The Perth real estate market continues to surge, making headlines with rapid price growth, a tight rental market, and new hot spots that are attracting buyers and investors alike. Here’s an in-depth look at the key trends shaping Perth’s property landscape, drawn from the latest insights from REIWA.


1. Price Growth and Demand: A Market on the Rise

The median house price in Perth is on track for significant growth, with forecasts suggesting it could reach $750,000 by the end of 2024—a remarkable 25% year-on-year increase. Suburbs like Bellevue, Armadale, and Hillman are experiencing especially high demand, with growth rates around 40% or more. This price surge is being driven by several factors:

  • Population Growth: A steady increase in Perth's population is fueling demand for housing.

  • Low Housing Stock: With limited properties available for sale, competition remains high.

  • Affordability: Many of Perth’s suburbs are still below the city’s median price, attracting both homebuyers and investors.

This combination of factors makes Perth’s market one of the most attractive in Australia, especially as affordability remains a strong incentive for buyers entering the market.


2. Tight Rental Market: Low Vacancy Rates and Rising Rents

Perth’s rental market is currently characterized by record-low vacancy rates, driving rental prices upward. With demand outstripping supply, renters are finding fewer options and are often faced with higher rent costs. Contributing factors include:

  • Population Influx: Western Australia's growing population is pushing up demand for rental properties.

  • Slow Housing Development: Limited new housing developments are further tightening availability.

REIWA CEO Cath Hart said despite the increase in the median unit rent price, the pressure in Perth’s rental market was continuing to moderate.

“New supply is coming to the market, which has seen the vacancy rate increase from a record low of 0.4 per cent in March to 1.6 per cent at the end of September,” she said.

The rental shortage extends beyond Perth’s metro area into regional zones, especially in the South West, where increased interest from fly-in-fly-out workers, supported by the expansion of Busselton airport, is adding further pressure on the housing market.


3. Suburbs to Watch: High Demand and Quick Sales

REIWA data reveals several suburbs where properties are being snapped up quickly. Hillman, Cooloongup, and Langford, for instance, often see homes go under offer within a week. These areas are particularly attractive due to:

  • Affordability: Offering budget-friendly options for first-home buyers and investors alike.

  • Lifestyle Appeal: These suburbs blend affordability with lifestyle, catering to a wide range of buyers.

Meanwhile, suburbs like Maylands, which have seen recent apartment developments, are beginning to alleviate some of the pressure on the housing market by adding new stock. This is expected to offer a broader range of options in the future, particularly in the apartment sector.

 

Looking Ahead

As we move into 2024, the Perth real estate market’s upward trajectory shows no signs of slowing. REIWA’s Perth Market Updates page provides valuable resources for anyone interested in keeping up with the latest trends, projections, and in-depth statistics.

For buyers, sellers, and investors, now may be an ideal time to engage with a trusted real estate professional to navigate this competitive market. Whether you’re considering buying, selling, or renting, Perth’s current real estate landscape offers both opportunities and challenges worth exploring.

Ready to Make Your Move in the Perth Market?
With the Perth property market hotter than ever, now is the time to make informed decisions. Whether you’re buying, selling, or investing, our team of local experts at Porter Matthews Residential is here to help you navigate every step.

👉 Contact us today for a free appraisal and discover how we can help you make the most of Perth’s thriving market!

Suburbs to Watch

REIWA highlights fast-selling suburbs like Hillman, Cooloongup, and Langford, where properties often go under offer within a week. These areas offer a balance of affordability and lifestyle appeal, making them attractive to both investors and first-home buyers. Additionally, regions with recent apartment developments, like Maylands, are seeing refreshed interest and added housing stock, which may alleviate some demand pressure in the longer term​.

For more in-depth stats and regular updates, REIWA’s Perth Market Updates page is a reliable resource to keep track of ongoing trends and future projections.

 

Sources;
reiwa.com.au
My Perth Real Estate

Photo credit : ArtLenz