What to expect from Perth’s property market this winter?

25 May 2024

Perth’s winter property sales are expected to buck tradition this year, with no sign of gloom or doom when it comes to real estate.

Mont Property Managing Director Matthew Podesta said while sales activity tended to slow in winter, Perth’s red-hot market was on track to counter that custom this year.

“Perth’s current property market is unprecedented and unlike anything we have experienced for a long time, so we cannot pin our expectations on ‘traditional’ markers as a guide,” Mr Podesta said.

“History tells us that sales activity traditionally slows down during winter, but we don’t expect this will be the case in Perth this winter. The window of opportunity is wide open and at Mont, this is reflected in the large number of genuine buyers and motivated sellers we are currently talking to about trading property.

“With the hold on interest rates, strong population growth, continued low stocks of listings, an abundance of buyers and high competition, now makes perfect sense to consider a sale. The incredible demand and jockeying of buyers to secure property in a hot market is pushing prices beyond expectation.”

Latest CoreLogic data shows Perth’s rocketing market is at the top of the growth chart, with a 2% increase in property prices in April – almost four times the national average.

Perth real estate values have surged by 21.1% in the past 12 months, with the Real Estate Institute of WA predicting a 20% increase in Perth’s median house sales price this calendar year.

Last month, REIWA Chief Executive Officer Cath Hart said the rate of house sale price growth had accelerated and there was no indication the market was slowing.

“We have very high demand, fuelled by extremely strong population growth and this is expected to continue,” Ms Hart said.

“In addition, supply of new housing remains limited, which continues to focus demand on established homes. Building completions have been increasing, which is fantastic news, but we are still not building enough new homes to meet the demand from WA’s growing population.”

Ms Hart said the strength of the WA economy was also supporting price growth.

“Unemployment is low, which boosts consumer confidence as well as people’s ability to buy a home and manage a mortgage,” she said.

If you are thinking of buying or selling this winter, call the team at Mont today to discuss your property needs.

Share:
Previous Article
Benefits of buying an established home
Next Article
How to strengthen your rental application