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Perth’s Housing Boom – Median House Price Set to Climb 20% in 2024!

“The median house sale price has increased 13.6 per cent over the 12 months to March, to a record $625,000, and if the market continues to grow as it has been, 20 per cent growth is achievable between January and the end of 2024.” REIWA CEO Cath Hart

Here’s A Breakdown of The Current Market Conditions & Forecasts

  • Recent Growth: Perth’s housing market has shown remarkable resilience compared to other Australian capitals during the national downturn. Property values surged +25.9% from the Covid beginning to July 2022 peak. While some price corrections occurred elsewhere, Perth’s prices have continued to climb, reaching new all-time highs [Source: OpenAgent].
  • Market Drivers: The Real Estate Institute of Western Australia (REIWA) highlights factors contributing to the positive outlook:
  • Strong Demand: High demand fueled by population growth, particularly from interstate migration, is putting pressure on a limited supply of housing [Source: REIWA].
  • Limited Supply: New housing construction hasn’t kept pace with population growth, creating a supply shortage and upward pressure on prices.

Important Considerations

  • Market Fluctuations: While the outlook is positive, the property market can be unpredictable. Interest rate rises and other economic factors could impact growth.
  • Locality-Specific Trends: Growth projections may vary depending on specific suburbs within Perth.

For the most up-to-date information

  • Consult with a licensed real estate agent like Abode who specialise in the Perth market.
  • Monitor market reports from reputable sources like REIWA and CoreLogic.

By staying informed about current trends and expert forecasts, you can make informed decisions regarding your Perth property interests.

Want to know more?

Speak to the experts at Abode Real Estate, your trusted Cottesloe agency. We’ll here to inform, support and advise you every step of the way. Contact us today and let our local expertise help you achieve your property goals.

Email or call us on (08) 9381 9111 to book a free consultation.

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