The Perth property market continued its positive momentum in 2023-24. Here’s a quick summary of the key trends:

Sales and Prices

Despite fewer listings overall, sales remained strong, with the total number of properties sold expected to surpass the previous year’s figures. Median house and unit prices reached new highs, with houses up 18.8% and units up 11.3% year-on-year. Notably, there was strong demand for properties in more affordable suburbs, which also saw significant price growth. Some of these suburbs included Langford, Cannington, Medina, and Armadale.

Selling Times

While the overall trend is for faster sales, the exact speed varies depending on the location and property type. Some Perth suburbs are still experiencing homes selling exceptionally fast, within a week or two. However, in other areas, the pace has become a bit more balanced, with houses and units selling in a few weeks to a month.

Rental Market

After reaching record highs earlier in the year, Perth’s rental market appears to be stabilizing. Rent prices have remained steady, and vacancy rates may increase in the latter half of 2024. This could potentially lead to renters having more options and potentially even some negotiation power.

Looking Forward

The Perth property market is forecast to remain stable in the coming months. REIWA expects house prices to continue growing, though at a slower pace than the recent surge. The rental market is also expected to see some changes, with vacancy rates potentially increasing which could put downward pressure on rents.