Perth property market update

27 Oct 2023

Properties are being snapped up overnight, home opens cancelled and offers coming in thousands above asking price… it’s a little nuts out there folks.

Why? Because all eyes are on Perth. Prices are on the rise, demand is peaking and the vacancy rate is critically low.


At the same time, it’s never been more expensive to get into the housing market in Perth with median prices smashing through the $700,000 barrier for the first time ever… Yep, you read that right, a recent report from Domain puts the new median price for a home in Perth at $713,811 - a 3% jump since June, when the median was $692,933.

Domain also noted that if mortgage rates were lower, the price growth in Perth would be even more rapid given the  severe undersupply in Western Australia.
Currently, Perth's housing market is benefiting from positive factors such as a continuous influx of eastern migration, a record number of overseas migrants, and having the tightest rental market in Australia.

Many Perth suburbs are seeing incredible growth, some above 20% like Parmelia in the south, Sorrento in the North and Bullsbrook inland.
Given the extremely competitive rental market and the urgency of property sales, many first-time homebuyers are stretching their budgets to the range of $600,000 to $700,000 to secure move-in ready, high-quality properties. This has led to intense competition with investors and older individuals looking to downsize.

However, it's worth noting that not all neighborhoods are experiencing this boom. For instance, Ascot has seen a notable 23% decrease in property prices, resulting in a median price of $612,500. Additionally, inner-city areas such as Leederville, East Perth, and Subiaco have also witnessed significant double-digit declines in house prices. North Coogee, which had recently entered the million-dollar property club in May, has now dropped out, with the median house value declining by 10.9 percent, reaching a median of $890,000.

In this ever-changing real estate environment, staying informed, seeking professional advice, and conducting thorough research remain essential steps for navigating the property market successfully. As conditions continue to evolve, adaptability and smart decision-making will be key for anyone looking to buy or invest in real estate.

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