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.”
Perth Suburbs Moving Up
Perth was the strongest performing capital city in October, according to CoreLogic’s Home Value Index, recording a 1.6% increase for the month. Contrary to the belief that the most affordable areas are fuelling Perth’s price growth, Mosman Park recorded the highest growth in house sale prises in October, surging 3.8% to $1,910,000.
There was a three way tie for second place with South Perth, Manning and Spearwood all experiencing 2.7% growth throughout the month. Prices rising to $1,875,000, $945,000 and $575,000 respectively.
Cooloongup was close behind, with prices jumping 2.5% to $458,500. Carramar, Claremont, Hammond Park and Byford also performed will during October.
The team at Resolve Property Solutions worked hard throughout October, securing 17 properties, with 47% of these being either pre or off market. Here’s a small sample of the properties purchased during the month:
We’re thrilled to share that our Director Peter Gavalas been selected as a finalist for Buyer’s Agent of The Year at the 2024 REB Awards!
These national awards highlight outstanding individuals and businesses in Australia’s real estate sector, and it’s truly an honour to be recognised as a finalist.
Winners will be announced on Feb 29th next year at the REB Awards Gala in Sydney – here’s to what’s ahead for Resolve Property Solutions!
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.