Perth’s property market continues its fiery ascent, with prices in some suburbs doubling over the past five years.

According to Domain’s latest House Price Report, Cooloongup in Rockingham has experienced the most dramatic price surge, with median house values skyrocketing 114% to $542,000. This rapid appreciation is echoed in other outer suburbs like Parmelia and Armadale, which have seen price increases of over 100%.

Even more established areas are experiencing significant growth. Darlington in the Hills and Kallaroo on the coast have both recorded price jumps of over 90%.

A Perfect Storm for Buyers

The combination of strong population growth, limited housing supply, and low-interest rates has created a highly competitive market. This has pushed many buyers to consider previously overlooked suburbs, leading to price increases in these areas as well.

However, this rapid escalation is causing concerns. The construction industry is facing severe labor shortages, driving up building costs and contributing to the overall affordability crisis.

Key Takeaways:

• Perth’s property market is experiencing unprecedented growth.
• Outer suburbs are seeing the most significant price increases.
• Limited housing supply and skilled labor shortages are fueling the market.