Perth Property Market: 5 Key Insights (October 2024)

Strong Growth & Tight Market:

  • Perth’s median house price is expected to exceed $740,000 by year-end, a 20% increase.
  • This surge is driven by population growth and limited housing supply.
  • Buyers face a competitive environment with fast-selling properties.

Tips for Buyers:

  • Be prepared with pre-approved finances to act quickly on suitable listings.
  • Sign up for alerts and consider a buyer’s agent for an edge.
  • Leverage REIWA resources (reiwa.com) to find qualified agents and stay informed.

Strategies for Sellers:

  • Understand current market trends and research your suburb’s data on reiwa.com.
  • Compare your property to recent sales and present it competitively to attract buyers.
  • Consult with a REIWA agent for expert advice on maximizing your profit.

Government Incentives for Buyers:

  • Keystart offers loans with low deposits (2%) and no Lender’s Mortgage Insurance.
  • First Home Owner Grant (FHOG) provides $10,000 for new home purchases.
  • Reduced stamp duty rates and Home Buyers Assistance Account ease financial burden.
  • First Home Super Saver Scheme allows saving deposits through superannuation.

Hot Suburbs & Considerations:

  • Look for areas experiencing high price growth and fast selling times (e.g., Bellevue, Armadale, Hillman).
  • Affordability plays a key role – many top performing suburbs are below the Perth median price.
  • Beyond price, location and lifestyle factors matter. Consult local REIWA agents for insights.

📧 WhatsApp Josh on +61 (0)488038805 or josh@domeproperties.com.au for further information or a confidential discussion regarding buying, selling or renting

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