The property market in Perth continued to experience steady growth throughout June. The city’s real estate sector saw an increase in both buyer and investor interest, driven by various factors such as a stable economy and attractive property prices.
Winter is traditionally a slower time for real estate. Despite the cold wet weather, the median number of days from listing a property to sale dropped to just ten days during June, a new record according to REIWA.
Nationally, the supply shortage continues to be a primary factor in pushing prices higher. CoreLogic’s research director, Tim Lawless noted that total inventory levels are more than a quarter below average. According to REIWA data, the amount of properties for sale in Perth is almost 38% lower than last year.
Demand will remain strong, as the state of the rental market pushes more people to purchase a home, and our population continues to grow. With new listing levels remaining low, house prices will maintain their upward trajectory in Perth throughout 2023.
Buyers have wised up, and are factoring in interest rate rises to their purchasing budget. However, affordability alone shouldn’t dictate a purchasing choice. Speak to one of our experienced buyers agents today to find out how to make the best use of your purchasing power.
Perth Suburbs Moving Up
Affordability was definitely key for June, with almost all of the suburbs experiencing high price growth sitting under the Perth median. First placed Beeliar was the one exception, house prices there growing 3% to $625,000.
Nearby Hammond Park took second place, with a 2.6% increase to $533,500. Heading south, Dawesville saw prices jump by 1.9% to $550,000.
Very close behind, Cooloongup experienced 1.8% growth, with prices rising to $417,500. It was all tied up for the final two places, with Caversham and Armadale both experiencing 1.4% increases, prices growing to $547,500 and $329,500 respectively.
Butler, Waikiki, Palmyra and Cloverdale also performed well throughout June, all experiencing more than 1% growth.
Our team braved the rain and cold throughout June, securing 11 properties for our clients, with a massive 7 of these being either pre or off market. Fantastic end to the financial year! Here’s a small sample of the properties purchased 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 two 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.