Perth’s property market continues to defy expectations, with house prices showing no signs of slowing down.

The latest data from REIWA paints a picture of a red-hot market, with median house prices on track to surge by more than 20% in 2024 alone. This unprecedented growth is being driven by a perfect storm of strong population growth, limited housing supply, and robust economic conditions.

House Prices Skyrocket

If the current trend persists, Perth’s median house price could hit a staggering $740,000 by the end of the year. That’s a remarkable increase from the already impressive $668,000 recorded at the end of June. Units are also following suit, with the median sale price nearing a new record high.

Rental Market Shows Signs of Cooling

While rents remain at record levels, there are indications that the rental market may be starting to stabilise. Increased rental supply, coupled with a slight decrease in demand, has led to a modest easing of conditions. However, it’s important to note that this doesn’t mean rents are dropping; they’re simply not rising as rapidly as before.

Regional Outlook

The regional property market is also experiencing growth, with the South West leading the charge. However, rental conditions in regional areas remain tight due to challenges in building new homes.

Overall, Perth’s property market is in a strong position, with house prices continuing to climb and the rental market showing signs of stabilisation.