Will Perth’s Property Boom Continue?
According to Canstar’s Australian Property Market Report, Perth’s property growth is starting to slow. The report ranked Perth as the forth best city for investors, and advised buyers to be ‘selective’ with their location choice.
Curiously, the Residential Property Prospects report released by Oxford Economics, painted a vastly different picture of the Perth market. The globally recognised independent real estate forecaster tipped median house prices in Perth rising 12.9% in 2024, and increasing by 30% to 2027.
Why the difference?
A closer look at the Canstar metrics reveals why there might be such a disparity. Perth’s lowest ranking was its sales volumes. According to the report “sales activity declined in the second half of 2023, providing early indications that the Perth boom has passed”.
However, listings for sale in Perth dropped to a 30 year record low in September 2023, and have continued to hit record lows ever since. With properties being so scarce, sales activity will of course be reduced as well. Demand however continues to soar, and for Perth, this equates to house prices continuing to be driven higher.
All indications point to Perth’s property market continuing to grow. And while this is good news, buyers need to ensure they are not making emotional decisions and overpaying for a home. Investors and home owners alike need to do their research and seek as much expert advice as possible.
Source: CoreLogic
Perth Suburbs Moving UpPerth’s southern suburbs were the top performers for the month of March. Yangebup took out top honours, house sale prices rising 4% to $644,500. Second place was Camillo, with a 3.5% increase to $445,000. Close behind was Beeliar, with a 3.4% jump to $695,000 followed by Mount Pleasant with 3.3% growth to $1,550,000. Belmont rounded out the tightly packed top five, with a 3.2% increase to $590,000. Ballajura, Scarborough, Inglewood, Palmyra and Secret Harbour also performed well for March, each recording at least 2.8% house price growth for the month. |
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Property Spotlight The team at Resolve Property Solutions purchased 21 properties throughout March, with 40% of these being secured either pre or off market. Here’s a small sample of the properties purchased during the month: |
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What’s Happening In The Perth Property Market?
| In the past twelve months alone, we’ve helped over 160 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 160 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! |
