Perth’s real estate landscape is experiencing unprecedented growth, reaching new highs in November 2023. As we delve into the dynamics of the Perth Property Market during this pivotal month, we explore record-breaking house prices, growth trends in key suburbs, and gain insights into the rental market. The demand is relentless, driving the market to new heights. The median house price surging to an unprecedented $585,000 in November, setting a new pinnacle as homes exchanged hands at an extraordinary pace.
Internal Links Unveiling Growth Trends
To delve deeper into the growth trends observed in November, explore our insights into the suburbs that led the pack. Claremont, Swan View, North Perth, Dudley Park, and Southern River showcased remarkable increases.
REIWA CEO Cath Hart emphasized the unyielding demand, stating, “Demand shows no signs of slowing.” The upward trajectory of house prices has been relentless, escalating by 8.2% over the past year, and according to Hart, the prevailing trends suggest more increases are on the horizon.
In a departure from months of stability, unit prices also experienced an upswing, reaching $405,000 in November, surpassing the $400,000 mark noted at the end of October. Hart anticipates further price hikes in the unit market based on the data.
Driving Forces Behind the Surge
Several factors contribute to the robustness of the Perth property market. Population growth, with a 2.8% increase in Western Australia’s population in the year to March, remains a significant driver. Additionally, challenges in the rental market are steering individuals towards homeownership. The building industry’s constraints are prompting a shift towards established homes, as building approvals in 2020 didn’t translate to a corresponding surge in completions.
Unit Market Surges Amidst Stability
In a departure from months of stability, unit prices also experienced an upswing, reaching $405,000 in November. Hart anticipates further price hikes in the unit market based on the data, emphasizing the prevailing trends and market dynamics.
Hotspots and Growth Trends in November
Data from www.reiwa.com highlights the suburbs experiencing the most growth in November, with Claremont, Swan View, North Perth, Dudley Park, and Southern River leading the pack. Every suburb is different, and conditions are changing quickly, prompting potential homebuyers to consult local REIWA agents for nuanced insights.
Market Dynamics and Affordability
Houses sold at a median pace of eight days in November, with suburbs like Beechboro, Brabham, Greenfields, Seville Grove, and Warnbro seeing houses changing hands in an impressive four days. Listings for sale dwindled, showcasing a 43.9% decline from a year ago, despite a boost in new listings.
Rental Market Hits New Records
Perth’s rental market saw its median dwelling rent price surge to a record $600 per week in November, marking a 1.7% uptick from October and a substantial 20% rise from the same period last year. The suburbs experiencing the most growth in median weekly rent prices included Inglewood, Joondanna, Como, Orelia, and Leeming.
Looking Ahead: Anticipating Future Trends
As of the end of November, 1,948 properties were available for rent on www.reiwa.com, a 12.3% increase from October and a 5.1% rise from the previous year. Median leasing times held steady at 14 days, with suburbs recording the fastest median leasing times.
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