Perth’s housing market has been one of the most resilient in Australia, bouncing back significantly since the start of the COVID-19 pandemic. Here’s a look at Perth’s recovery and what experts say about the future:

Perth Leads the Recovery

Perth’s property values have surged by an impressive 62.6% since 2020, according to CoreLogic head of research Eliza Owen. This is significantly higher than the national average growth of 35% over the same period. Owen says, “Perth’s housing market was starting from a lower base compared to other capital cities, and this has allowed for significant growth in recent years.”

Interstate Migration Boost

Perth’s recovery is also being fueled by interstate migration trends. People moving from states with more expensive housing markets, like New South Wales and Victoria, are contributing to increased demand in Perth.

National Market Variation

While Perth is experiencing a boom, the national housing market is a mixed bag. Some cities, like Melbourne, have seen more moderate growth due to factors like higher housing supply. Eliza Owen predicts, “The varying growth rates between cities are likely to hold for a while, but over time, the gap between Perth and other capital cities is expected to narrow.”

Perth’s Housing Future

Perth’s housing market is expected to remain strong in the near future. Experts anticipate a moderation of the high growth rates eventually, which could lead to a more balanced national market.