The Perth residential real estate has been moving quickly post covid with significant growth experienced over the past 12 to 18 months, after an extended number of years of stagnant growth post the Mining Boom.
The real key to the Perth market has been significant migration in the owner-occupier sector and affordability in comparison to the East Coast capital cities, with investors moving back into Perth in significant numbers.
Some key highlights about Perth from the latest PropTrack Home Price Index are as follows:
- Perth led all capital cities with 0.99% monthly growth in March 2024;
- Perth has experienced the highest annual capital growth of all capital cities at 18.62%;
- Perth has experienced a 57.3% change in median value to $660,000 since March 2020
The most recent Real Estate Institute of Western Australia (REIWA) Perth market insights market snapshot is below. This snapshot shows how tight the market is in Perth.
Highlights of this snapshot are:
- Property sales are hovering around 1,000 per week which is a similar number to 12 months ago;
- Properties listed for sale sits at 3,818 which is significantly under the same week 12 months ago which was at 6,641 properties.
Source: REIWA
Mike Henderson
Group Executive Director – Residential Operations
— Brisbane Property Valuers
CPV
P: 0418 730 536
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