Amidst the tumultuous waves of Australia’s property market, Perth stands as a beacon of resilience, showcasing remarkable stability and growth potential. With its thriving economy, diverse job market, and abundance of natural beauty, Perth continues to attract investors and homebuyers alike.
1. Median House Price: Perth’s median house price has witnessed an impressive 11.1% increase over the past year, reaching a staggering $575,550 in October 2023. This robust growth outshines other Australian capital cities, solidifying Perth’s position as a market to watch.
2. Days on Market (DOM): Perth’s homes are selling exceptionally quickly, with a median DOM of just 8 days – the shortest among all capital cities. This rapid turnover underscores the high demand for properties in the Perth market.
3. Rental Market: The rental market in Perth is equally vibrant, with median rent prices reaching $600 per week for houses and $550 per week for units. Vacancies are filling up swiftly, indicating a strong demand for rental accommodation.
4. Investor Interest: Perth has become an investor haven, with interstate and overseas investors drawn to its favourable conditions and promising returns. The average distance between a landlord’s home and their investment property in Perth is now 1502 kilometres, highlighting the city’s appeal.
5. Suburb Profiles: Suburbs like Mount Pleasant, Applecross, and Bicton have emerged as top performers, attracting buyers seeking lifestyle amenities and proximity to the city centre. These suburbs have witnessed significant price growth, making them attractive investment options.
6. First-Home Buyer Activity: The introduction of the First Home Owner Grant and other government incentives has boosted first-home buyer activity in Perth. These initiatives have helped make homeownership more attainable for aspiring residents.
7. Economic Growth: Perth’s economy is expected to continue its upward trajectory, driven by strong mining and resources sectors. This economic growth is expected to fuel further demand for properties in the city.
8. Job Market: Perth’s diverse job market presents ample employment opportunities across various industries, attracting professionals and skilled workers. This influx of talent further strengthens the city’s appeal.
9. Infrastructure Development: Significant infrastructure projects, such as the METRONET rail expansion and the Perth City Deal, are enhancing Perth’s livability and accessibility. These developments are expected to drive property values in affected areas.
10. Lifestyle Factors: Perth’s enviable lifestyle, boasting pristine beaches, world-class parks, and a vibrant cultural scene, is a major draw for both residents and investors. The city’s laid-back atmosphere and family-friendly environment make it an ideal place to live.
11. Future Outlook: Analysts predict that Perth’s property market will continue to grow steadily in the coming years, driven by strong economic fundamentals and lifestyle factors. The city’s resilience and growth potential make it an appealing investment destination.
12. Affordability: Compared to other capital cities, Perth offers relatively affordable housing options, making it an attractive choice for first-home buyers and budget-conscious investors.
13. Search Trends: Google search trends for “Perth property market” have been consistently rising, indicating a growing interest in the city’s real estate scene. This increased attention further highlights Perth’s potential.
14. Expert Insights: Property experts are optimistic about Perth’s market outlook, predicting continued growth and stability. Their positive sentiment reinforces the city’s investment potential.
15. Data Sources: Reliable data sources, such as REIWA and CoreLogic, provide valuable insights into Perth’s property market trends and performance. These data resources guide informed decision-making.
16. Buyer Agents: Buyer agents play a crucial role in navigating the competitive Perth property market, providing expert guidance and representation to buyers. Their expertise proves invaluable.
17. Property Management: Property managers are essential for maximizing rental returns and ensuring the smooth operation of investment properties. Their expertise is crucial for successful property management.
18. Legal Considerations: Legal advice is sought to ensure compliance with property laws and regulations, safeguarding investments and protecting property rights. Seeking legal counsel is essential.
19. Financial Planning: Financial planning is paramount for making informed decisions about property investments, ensuring affordability and financial sustainability. Seeking professional advice is advisable.
20. Long-Term Value: Perth’s property market offers promising long-term value, making it an attractive option for investors seeking capital growth and rental returns. Investing in Perth’s property market offers the potential for significant wealth creation.
📧 WhatsApp Josh on +61 (0)488038805 or josh@myperthrealestate.com.au for further information or a confidential discussion regarding buying, selling or renting.
