Record Breaking Spring

Perth celebrated the start of the spring selling season by breaking all sorts of records in September.

According to CoreLogic data, dwelling values in Perth rose to a new record high of $618,363. This represents growth of 1.3% over the month and 8.8% annually, by far the best performing capital annually.

Listings for sale also dropped to their lowest level in 30 years during the month. In fact, total advertised supply was 43.8% below the previous five-year average for this time of the year.

It’s not surprising to see these metrics both breaking records, as lack of supply is a major factor in pushing dwelling values higher. The same is true for Perth’s ultra-tight rental market, which has also seen rents hit record highs.

According to REIWA data, properties sold in an average of 9 days in September, another record low. The fastest selling suburbs, where properties were snapped up between 3 and 5 days, are also realising rental yields of up to 7%. Investors, attracted by the low prices and high yields, are driving this demand.

Recent Australian Bureau of Statistics data showing the value of new investor loan commitments soared 14.1% between July and August. Compared to a year ago, that’s an impressive 23.9% jump.

And the outlook for the Perth property market is good. KPMG recently forecast prices rising 8.4% in the year to June 2024, with another 8.8% pencilled in by June 2025.

index results September 2023

Source: CoreLogic

Perth Suburbs Moving Up

Numerous suburbs performed much better than Perth’s 1.3% growth for September. Halls Head was the standout for the month, with house prices growing 3.1% to $570,000.

Embleton took out second place for September with prices growing 2.7% to $620,000. Hillarys and East Fremantle were all tied up, both experiencing 2.5% house price growth to $1,080,000 and $1,672,500 respectively.

Bassendean also finished in the top five, with prices jumping 2.1% to $612,500 for September.

Doubleview, Golden Bay, Rivervale and Balcatta were also strong performers for the month, and with house prices growing more than 1.4% exceeded  Perth’s growth.

Property Spotlight

It was certainly spring selling season at Resolve Property Solutions, with the team securing 14 properties for the month of September, 50% of these being either pre or off market. Here’s a small sample of the properties purchased during the month:

Property spotlight September 2023

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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!

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