Unprecedented growth: Perth’s real estate market in 2024
Perth’s real estate market is on a trajectory unlike any other, with unprecedented growth marking the landscape. The latest quarterly update from REIWA paints a picture of soaring demand, record-setting prices, and a rental market that continues to defy expectations.
According to REIWA’s 2024 property market update, Perth is poised for a remarkable 20 per cent increase in its median house sale price by the end of the year. This surge comes on the heels of accelerated growth in house sale prices over the past two quarters, fueled by a significant supply-demand imbalance.
The driving force behind this surge is the remarkable population growth Perth has experienced, further amplified by the limited new housing supply.
As REIWA’s chief executive, Cath Hart, highlights, the Cook government’s forthcoming population forecast is expected to reinforce this trend, emphasising the sustained demand for established homes.
The rental market is no exception to this upward trend, with records being shattered in the first quarter of the year. Median weekly dwelling rent soared to a new high of $650 by the end of March, marking an 8.3 per cent increase from the previous quarter and an impressive 18.2 per cent surge compared to March 2023.
Perth’s median house sale price set a new record in March, rising 2.5 percent to $620,000, according to REIWA, and currently sits at $635,000 as of 1 May 2024.
As the market continues to defy expectations, opportunities abound for buyers, sellers, and investors alike. Whether you’re looking to capitalise on the surging demand or navigate the competitive rental landscape, now is the time to act.
How does the market impact the individual buyer and seller?
With demand driving prices up, for sellers, it can be hard to keep track of the current worth of your property. For advice on getting the best price and making the most of the boom, reach out to a local market expert. They will be able to guide you on the best asking price and any updates you could make to drive up the value.
Buyers are finding themselves in a highly competitive space with little time to stop and think when it comes to making an offer. We encourage buyers to explore opportunities with an agent who has their finger on the pulse and exclusive access to off-market properties and off-plan developments. Expert advice will also help buyers avoid overpaying and any other potential pitfalls in the process.
Reach out to the Mouve Real Estate team to discuss your plans for the future today.
Source: WA Today
