Perth Continues Breaking Records
At the risk of sounding like a broken record, the Perth property market has continued to break records in October. Not only did houses in Perth sell in a record low median of eight days in October, housing values are also at a new record high of $631,195 according to CoreLogic data.
Perth is also the clear standout for highest annual rental growth over the past year, with a rise of 12.7% for houses and 16.6% for unit rents.
Good news is that Perth remains one of the most affordable cities for buyers. And investors are capatalising on this. MCG Quantity Surveyors data reveals investor activity in WA surged 22.5% in the twelve months to the start of 2023, increasing from 9.4% to a massive 31.9% of national investor activity.
This is not surprising, given that Queensland and Victoria have been implementing stringent tenancy legislation. Additionally, the threat of limiting or freezing rents has put investors on edge in these states. Perth on the other hand, is offering the second highest gross rental yields of all the capital cities. It’s little wonder then, that east coast investors are increasingly interested in the Perth property market. In fact, according to the Property Investment Professionals of Australia, one third of all investment properties purchased nationally in the first quarter of 2023 were in WA.
Whilst Proptrack’s Market Insight report shows late spring is the most opportune time to sell, November traditionally sees an upswing in buyer activity, and competition remains high. REIWA CEO Cath Hart said that buyers “need to be incredibly proactive” and “may want to consider engaging the services of a buyer’s agent. They can do all the leg work for you and liaise with selling agents when properties that meet your needs become available.”

Source: CoreLogic
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