CoreLogic’s latest Home Value Index shows Perth housing values holding firm in the face of the seventh month of national decline. Perth further showed it’s resilience by defying the trend of reduced listings for the spring selling season. According to CoreLogic data, for the first time in over a decade, the number of new listings actually declined over the spring season. One hundred and forty markets were analysed, with only eleven experiencing an increase in listings over the spring selling season, and almost half of those were Perth LGA’s.
What does this mean for Perth? Our property market has strong selling conditions and is unaffected by rising rates. Our strong local economy, affordable prices and tight labour market have made the Perth property market exceptionally resilient.
In fact, the majority of industry experts have predicted that Perth property prices will continue to rise for 2023. The general consensus is that demand/supply fundamentals for growth are strong in Perth, and that in the end, these will overcome external factors. With Perth remaining one of the most affordable capital cities in the nation, our property market is poised to remain strong, even in the face of changing interest rates.
Perth Suburbs Moving Up
Overall Perth held steady, but numerous suburbs still experienced growth, another indication that house prices will not fall significantly in the near future. Bentley experienced the largest growth for November, with a 3.1% jump to $500,000.
Subiaco and Bayswater both saw gains of 2.1%, rising to $1,675,000 and $720,000 respectively. Very close behind with a 2% increase was Dawesville, which rose to $520,000.
Rounding out the top five was Falcon, increasing to $453,500, a jump of 1.9%. Sorrento, Heathridge, Tapping and Parmelia also performed well throughout the month.
Our team has been busy helping our clients secure their dream homes for the final weeks of 2022. We purchased 18 properties for our clients, with only 20% of these being off or pre market, and unusually low proportion which underscores how tight the market currently is. Here’s a small sample of the properties secured recently:
Happy Holidays From The Team At Resolve
Our team has worked hard throughout 2022 to source and inspect as many suitable properties as possible for our clients. As well as securing properties which met our clients brief and budget, we also searched for off-market opportunities where possible, providing additional options, and always ensured they brought the right property at the right price. This year we saw record low stock levels and properties selling remarkably quickly.
Whilst our team will be taking a short but well earned break between Christmas and New Year, we will be back at the start of 2023 to help you on your property journey. If you would like to discuss your property requirements and strategy with our Buyers Agents, book your free consultation here.
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.