Perth Property Market Poised for 20% Growth: REIWA’s 2024 Forecast Unveiled

Perth Property Market

A Promising Outlook:

Perth’s property market is set for significant growth in 2024, according to REIWA’s latest forecast. CEO Cath Hart suggests a 20% surge in the median house sale price from January to December is highly likely.

Accelerated Growth:

House sale prices have picked up pace recently. December saw a 4.3% uptick over the quarter, with preliminary March data showing a 4.2% rise. As more properties settle, this trend is expected to accelerate.

Demand Dynamics:

The current market is characterized by a persistent supply-demand imbalance. High demand, driven by robust population growth, continues to drive prices up. The upcoming May State budget is anticipated to provide insights into the Cook Government’s latest population forecast.

Supply Challenges:

Despite rising building completions, the supply of new housing remains constrained, especially in the affordable segment. Detached houses dominate new construction, while apartments are mostly luxury projects. This lack of diverse housing options underscores the challenge of meeting the housing needs of WA’s growing population.

Economic Factors:

The buoyant WA economy contributes to the market’s vigor. Low unemployment boosts consumer confidence and enhances homebuyers’ purchasing power. The Reserve Bank’s adjusted meeting schedule offers respite from monthly rate rise concerns, with some experts even speculating a rate cut in the medium term, further bolstering buying potential in WA.

Unit Market Uptick:

In addition to the surge in house prices, the median unit sale price also saw a robust increase, reaching $425,000 in March 2024, reflecting a 3.4% quarterly increase and a 6.3% rise compared to March 2023.

Rental Market Records:

Challenges persist in the rental market, with records being shattered. The median dwelling rent surged to a new high of $650 per week by March’s end, marking an 8.3% increase from December and an impressive 18.2% rise from the previous year. Rental listings remain scarce, with the vacancy rate dropping to an unprecedented low of 0.4%.

Regional Resilience:

Regional WA echoes similar trends, with strong population growth and limited housing supply propelling house prices upward.

Forecasting the Future:

As Perth’s property market embarks on an upward trajectory, the road ahead is paved with promise, driven by robust demand, constrained supply, and a resilient economy.

Thinking of Selling?

Ready to unlock your property’s full potential? Contact David Beshay for a personalised and accurate in-person assessment that aligns with the dynamic real estate landscape in Mandurah. Contact David Beshay here to get the most up to date appraisal of how much your home will be worth in this market! Otherwise feel free to view David’s recent sales here

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