Perth continues to be a standout performer in the national housing market, with the highest percentage increase in median sale price for three-bedroom houses in the June 2024 quarter. Despite these price increases, Perth remains one of the most affordable capital cities for homeownership.

Strong Demand Drives Price Growth

The Perth market is fueled by robust demand and limited housing supply. This is evident in the 6.5% increase in the median sale price for three-bedroom houses, significantly higher than most other capitals. While prices have risen, Perth maintains a competitive advantage with a lower median house price compared to most major cities.

First Home Buyers Find Opportunity

The affordability advantage is particularly beneficial for first-home buyers. Western Australia boasts the lowest average loan size for first-time buyers, making homeownership an attainable goal for many.

Rental Market Shows Signs of Stabilization

The rental market, while previously experiencing a tight supply, appears to be stabilizing. While median rents have increased slightly, recent data suggests a potential rise in vacancy rates, indicating a shift in market dynamics. This could offer more options for renters in the near future.

Overall Perspective

Perth continues to demonstrate strong market fundamentals. Increased housing supply and changing tenant demographics are likely to influence the rental market moving forward. Despite price adjustments, Perth remains an attractive and affordable option for both homeowners and renters.