Perth Property Market – Prices, Trends, Forecast [November 2024]

Perth continues to be a standout performer among Australia’s capital cities. The market recorded a 1.4% increase in home values for October 2024, contributing to a robust annual growth of 22.6%. This sustained growth positions Perth as a leading market amid national trends of cooling value momentum.

Perth Property Price Growth

Perth’s home values have shown impressive resilience with a 4.1% quarterly increase. The median dwelling value now stands at $804,621, reflecting strong demand and solid price appreciation compared to other cities.

CoreLogic Home Value Index

CoreLogic Home Value Index, Released on November 1, 2024

Perth Property Market Trends

The rise in home values has been supported by persistent demand, limited supply, and strong migration inflows. However, an increase in advertised stock by 20.6% since winter suggests that the market is gradually balancing, although listings are still below the five-year average by over 20%. This balance favors sellers, but conditions are starting to shift towards stabilization.

Summary of housing values since the onset of COVID in March 2020 and relative to peak levels (onset of COVID calculated from March 2020).

Perth Property Market Forecast

Looking ahead, while Perth’s strong growth trajectory is expected to continue, the pace may moderate as higher stock levels gradually meet demand. Economic conditions, such as potential interest rate adjustments and employment stability, will also play crucial roles in sustaining growth.

The Reserve Bank of Australia’s ongoing adjustments to interest rates will likely play a crucial role in shaping market dynamics, as higher borrowing costs limit purchasing power for many buyers.

Here are some of the most recent forecasts by the big-4 banks in Australia:

• ANZ predicts a 5-6% increase in capital city property prices in 2024, with Brisbane expected to see the highest rise at 9-10%, Perth property values could go up by 1-11%, Sydney by 4-5%, and Melbourne prices by 2-3%.
• CBA forecasts a 5% rise in capital city prices, with some variations: Brisbane is anticipated to grow by 6%, Melbourne and Perth by 5%, Sydney by 4%, and Adelaide by 1%.
• NAB projects a 5.4% average increase across the capitals, with Brisbane expected to see a 6.5% rise, Perth and Adelaide by 6.2%, Melbourne by 5.5%, Sydney by 5%, and Hobart remaining flat.
• Westpac expects a 6% growth across the combined capitals, with Perth leading at 10%, followed by Brisbane at 8%, Sydney at 6%, Adelaide at 4%, and Melbourne at 3%

Oxford Economics recently released property forecasts predicting where house prices will be in three years.

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Conclusion for Homeowners

Perth’s property market remains strong with notable price gains, making it a profitable time for homeowners. However, as supply and demand balance out, the rapid growth may ease, signaling a potential shift towards a more stabilized market environment.

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