Perth Property Market Continues to Outshine National Trends

National house prices rose by 1% in November, but Perth once again led the charge, recording a 2.4% increase for the month, according to Cotality data.

This strong performance shows no signs of slowing. Listings in Perth remain more than 40% below average, despite the traditional spring selling season, which usually brings a surge of properties to market. While there was a slight uptick in stock this spring, it wasn’t enough to meet the ongoing demand.

Western Australia continues to hold the title of Australia’s most affordable state, according to the PropTrack Housing Affordability Index. Key highlights include:

• Affordability: A median-income household could afford 17% of homes sold over the past year.

• Mortgage Costs: Just 26% of average household income, well below the national average.

• Deposit Savings: Time to save a deposit is 4.6 years, compared to 5.8 years nationally.

These factors make Perth highly attractive to buyers and are likely to support continued price growth in the months ahead.

Source: CoreLogic

Perth Suburbs Moving Up

Recording the highest house price growth for an individual suburb in the last two years, Nedlands took out the top prize for November, with a 4.7% increase to $2,675,000.

In second place, but with an equally impressive 4.6% rise was Bedford, where house prices rose to $1,025,000.

It was all tied up next, with both Coolbellup and Mullaloo recording growth of 3%, prices growing to $857,000 and $1,327,500 respectively.

Mount pleasant rounded out the top five for November. Prices in the riverside suburb increased 2.6% to $2,087,500.

Honourable mentions also go to East Cannington, Cannington, Success, Piara Waters and Gooseberry Hill, which all recoded growth of at least 2% for November.

Property Spotlight

Despite record low listings, our team worked hard to find properties for our clients, and 30% of our recent purchases were secured either pre or off market. Here’s a small sample of the properties purchased recently:

What’s Happening In The Perth Property Market?

In the past twelve months alone, we’ve helped over 150 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 150 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 discovery call today!