The future looks bright, with all signs pointing to an end to Australia’s housing downturn. According to the latest Domain House Price Report, Perth has experienced a 6.1% increase in house prices over the past year, making it the best performing capital by far. Perth is actually one of only two capital cities to experience growth since interest rate increases started.
Additionally, according to the most recent CoreLogic Rental Pulse, Perth recorded the largest year on year change in median rent for dwellings to April 2023. Dwellings in Perth are currently returning a 4.88% rental yield, making them second only to Darwin, where yields are 6.43%. Perth’s vacancy rate however is the second lowest across all the capitals and is twice as low as Darwin’s vacancy rate. High yields and low vacancies combined with Perth’s affordability continues to attract investors to the market.
Whilst demand for properties remains high, supply is reaching record low levels. There isn’t much good news on this front either. Before a property can be advertised for sale, a listing authority must be signed by both the owner and the selling agent. According to Ray White Chief Economist Nerida Conisbee, listing authorities are down well over 25% in WA. What does this mean for Perth homebuyers? With new listings decreasing, the supply shortage won’t be ending anytime soon. Competition will remain high, continuing to fuel growth in Perth’s property market.
Perth Suburbs Moving Up
Victoria Park lead the way for house price growth in April, with prices in the inner city suburb rising 3% to $782,500.
Close behind with a very respectable 2.8% increase was Coodanup, where prices rose to $365,000. Hot on it’s heels in third place was Eglinton, where prices grew 2.7% to $475,000.
Quinns Rocks saw prices jump to $610,000 for April, a 2.4% increase. Staying by the water, Ocean Reef rounded out the top five with 2.1% growth, house sale prices finishing the month at $970,000.
Stirling, Yokine, Bentley and Golden Bay also performed well for April.
Our team worked hard in April and 30% of our purchases were made off or pre market. Here’s a small sample of the properties secured during the month:
What’s Happening In The Perth Property Market?
In the past twelve months alone, we’ve helped over 100 clients close deals in high growth, high cashflow locations, while taking care of all the paperwork and dealing with the agents so you don’t have to.
What’s more, we’ve saved them thousands through our intimate market knowledge, vast off market referrer network, decades of experience in development, planning, investing and our ‘in the trenches’ up to the minute live pricing models.
You may feel you’re already a good researcher, negotiator and deal finder and you probably are – for your level of experience.
However the reality is – we’ve closed over 100 deals in the past year, developed a vast network of referrers over the past 2 decades, and built a team of full time researchers, deal finders and relationship builders to ensure that if anything happens in the Perth property market – we know about it….first!
Maximise your options by accessing off market deals, giving you more properties to choose from,save time and avoid all the hassle, as we take care of all of the inspections, research and negotiations for you.
If you’re ready to enjoy the same success as our clients, please book your complimentary vision analysis session today!
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help you search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.