Perth Property Market update
Perth Real Estate Market Update: Key Sales Statistics and Trends
The Perth real estate market has been dynamic over the past year, with some key trends emerging that every homebuyer, seller, or investor should keep an eye on. Whether you’re planning to buy or sell, understanding the current sales statistics can give you the insight needed to make informed decisions. Let's dive into the latest market data and what it means for you.
1. Steady Property Value Growth
Over the past 12 months, Perth has seen a solid increase in property values, with median house prices rising by approximately 5-7%. This growth has been driven by high demand, low-interest rates, and Perth’s relative affordability compared to other major Australian cities like Sydney and Melbourne.
- Current Median House Price: As of September, the median house price in Perth is approximately $560,000, up from $530,000 the previous year.
- Best-Performing Suburbs: Suburbs such as Joondalup, Scarborough, and Baldivis have experienced the highest price increases, with annual growth rates of around 8-10%.
For homeowners, this steady increase is a sign of rising equity in their properties, while buyers might want to act sooner rather than later to take advantage of the current prices before they rise further.
2. Low Stock Levels Driving Demand
One of the most notable trends in the Perth market is the ongoing low inventory of homes for sale. With fewer properties available on the market, competition among buyers has intensified, often leading to quicker sales and, in some cases, properties selling above the asking price.
- Average Days on Market: Properties in Perth are selling faster, with the average days on market dropping to just 17 days, compared to 32 days the previous year.
- Buyer Demand: There has been a notable surge in demand from both local buyers and interstate investors looking to capitalise on Perth's relatively affordable housing market and strong rental yields.
For sellers, this is an ideal time to list your property, as the high demand can lead to competitive offers and quicker sale times. Buyers, on the other hand, need to be prepared to act quickly and make strong offers to secure a property.
3. Rental Market Strengthening
The rental market in Perth is also experiencing significant growth, driven by the low availability of rental properties and strong demand from tenants. This has resulted in higher rental yields for investors.
- Vacancy Rates: Perth's vacancy rate is currently sitting at a historic low of 0.9%, making it one of the tightest rental markets in the country.
- Rental Price Increases: The median rent for houses has increased by $50 per week over the past year, with the current average rent sitting around $580 per week.
This presents a strong opportunity for investors, as rising rents can generate attractive rental yields, especially in high-demand suburbs.
4. Suburb Highlights: Where to Buy and Invest
Certain suburbs are standing out in terms of both growth potential and rental demand. If you're looking to buy or invest in Perth, these areas are worth considering:
- Joondalup: As a rapidly growing northern suburb, Joondalup continues to attract families and professionals with its excellent amenities, schools, and proximity to the coast. Property values here have seen a significant uptick, and demand remains high.
- Baldivis: A hotspot for first-time buyers and investors, Baldivis offers more affordable housing options while still experiencing strong growth. Rental demand is also high, making it a great option for investors.
- East Perth: For those interested in inner-city living, East Perth offers both lifestyle and investment potential. The area has seen increased interest from buyers looking for a convenient urban location with good rental returns.
5. What Does This Mean for You?
- If You're Selling: Now is an excellent time to consider putting your home on the market. With demand outpacing supply, sellers can benefit from competitive offers and quick sales.
- If You're Buying: While prices are rising, Perth remains an affordable market compared to other major Australian cities. Acting now before prices increase further could save you money in the long term.
- If You're Investing: The low vacancy rates and rising rental yields present a great opportunity for investors. High demand in suburbs like Joondalup, Baldivis, and East Perth makes these areas ideal for rental investments.
Stay Ahead with Expert Guidance
Navigating the Perth real estate market requires up-to-date knowledge and expert advice. Whether you’re a buyer, seller, or investor, understanding the current market dynamics is essential to making the best decision. At Bex Realty, we specialize in providing personalised, expert guidance to help you achieve your real estate goals.
If you’re ready to make your move in the Perth property market or have any questions about these trends, reach out to us today! We’re here to help you every step of the way.