What’s in store for the autumn market?

2 March 2024

Perth’s property market is leading the country, with the city’s strong property growth showing little sign of slowing this autumn.

Latest data from CoreLogic’s Hedonic Home Value Index, released on Thursday, shows Perth is continuing to lead the way with runaway growth outstripping every other capital city in the country last month.

In February, home values rose by 1.8% – the highest of all capitals for the month – resulting in 18.3% growth in the past year. The median property price in Perth is now $687,004.

The CoreLogic report shows that since the onset of COVID in March 2020, home values have surged a staggering 52.9% in the Perth, with the property cycle now at its peak.

Mont Property Managing Director Matthew Podesta said this autumn would challenge spring as the peak selling season as buyers jockey for new homes and fierce competition puts upward pressure on pricing.

“It’s often said that spring is the peak selling time for real estate, but this autumn may put paid to that analogy with current conditions likely to surpass the lucrative results seen in recent spring markets,” Mr Podesta said.

“March, April and May are emerging as active months to transact real estate in Perth, and we are readying for a strong autumn.

“At Mont, we are engaging with buyers every day who are ready to purchase but are hamstrung by low stock levels and listings.”

Real Estate Institute of WA data shows active listings rose slightly in February, settling at 3991 at the end of the month. This was 5.1% than January, but remained 43.6% lower than a year ago.

CoreLogic Research Director Tim Lawless said Perth was currently the country’s standout market in terms of it’s the sales prices achieved and incredible growth in rental prices.

“Similar to the trend in housing values, Perth stands out among the capital cities with a substantially faster rate of rental growth that is showing little evidence of slowing down,” Mr Lawless said.

“The same underlying factors that are rapidly pushing home values higher across Perth are at play in the rental sector, with demand substantially outweighing supply, keeping rental growth well above average levels.”

Mr Lawless said national housing values had been more than resilient in the face of high interest rates and cost of living pressures.

“The ongoing rise in housing values reflects a persistent imbalance between supply and demand which varies in magnitude across our cities and regions,” he said.

Share:
Previous Article
Best home design strategies to beat a summer heatwave
Next Article
How to pick the right agent in a tight real estate market?