Perth continues to lead the country in property stakes

4 May 2024

Perth’s red hot property market is showing no signs of slowing down, with new data from CoreLogic revealing a 2% boost to property prices in April – almost four times the national average.

The CoreLogic Hedonic Home Value Index, released on Wednesday, shows Perth real estate prices have skyrocketed by 21.1% in the past 12 months, including 7.6% so far this year.

Perth is the clear leader of all capital cities, alongside Brisbane and Adelaide which recorded 16.1% and 14.0% growth respectively in the past year.

Nationally, property prices rose 0.6% in April, and 8.7% for the year.

Since the onset of COVID in March 2020, Perth prices have seen hikes of almost 60% to the current peak, netting an average increase of $268,391.

The median dwelling price in Perth is now $721,278.

The strength in rental prices is also continuing, with rents for houses up 13.3% in the past year and 15.5% for units and apartments. Yields are hovering around 4.5%.

Mont Property Managing Director Matthew Podesta said Perth was a star performer and expected the positive market conditions to continue into the foreseeable future.

“High demand is continuing to outstrip supply, which is resulting in upward pressure on prices,” Mr Podesta said. “Hotly contested listings are attracting multiple offers and many are achieving prices way beyond the expectations of vendors.

“The Real Estate Institute of WA has predicted a 20% increase in property prices this year, and given this recent CoreLogic data and the strong Western Australian economy and jobs market, we are certainly on track to reach that.”

CoreLogic Research Director Tim Lawless said Perth remained at the top of the growth chart and listings were selling quickly compared to other cities.

“We aren’t seeing any signs of heat coming out of the Perth housing market just yet, in fact the quarterly pace of growth, at 6.0%, is approaching the cyclical highs seen during the pandemic when interest rates were at rock bottom,” Mr Lawless said.

“On the other hand, we are seeing the pace of gains slow across the Brisbane market, easing below the 1% mark to 0.9% in April for the first time in 12 months.”

“In the hottest market, Perth, homes are selling in median of just 10 days and discounting rates are averaging just – 2.4%. In weaker markets, like Darwin, Hobart and ACT, homes are taking more than 40 days to sell.”

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