Perth Property Market 2024

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            [0] => Our team is dedicated to delivering a seamless and fulfilling property market experience in 2024, focusing on properties without tenants and without the need for property management. Explore our three-phase approach to property management in Perth.
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Your home search begins! When you see a listing you like, don’t hesitate to contact us to discuss your interest. We provide a detailed floor plan and professional photos to help you visualise your family living in the home. Generally, we open homes every Sunday, but we can offer weeknight and private viewings where appropriate.


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            [0] => During this phase, we help you create your offer. This is part of the Offer and Acceptance document (also knowns as the ‘O&A’), which is one section of the Contract of Sale.

The O&A outlines the terms and conditions by which the sale and purchase of the property will be completed. It includes details such as:

 	
Your full name as the buyer
 	
Date of the offer
 	
The purchase price being offered
 	
How the deposit will be paid
 	
Amounts of any loans you may need to buy the property and the lender you will use
 	
Confirmed details of the Certificate of Title of the property
 	
Special conditions you (and the seller) want to be included
 	
Intended settlement date

As you can see, it is a detailed document.

We have access to a building and pest inspection company that can assess the structural integrity of the property and its compliance with safety standards. Having the building and pest inspection done simultaneously saves time. It is also more convenient than having to arrange two separate property visits.

We will discuss with you any important conditions you may wish to add. Conditions (of purchase) can include the points specified below.
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            [0] => Once the seller has accepted your offer and all parties have signed the contract, we will send the document to the Settlement Agent. We are available seven days a week to help you with this. When it comes to signing the contract, we provide our clients with two options:

 	
We meet in person at a set time to complete the signing process.
 	
We send you the contract via DocuSign, which allows you to sign remotely and securely.

We work closely with a trusted Settlement Agent who will liaise with your financial institution and prepare and verify all necessary documents.

We attend a final inspection with you to ensure the property’s condition matches the Contract of Sale.

Generally, Settlement takes place around six to seven weeks after the Contract of Sale has been signed. On Settlement Day, you become the legal owner of your new home! Congratulations – it’s time to celebrate!
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            [0] => A rental appraisal is an evaluation carried out by a property manager to determine a property’s rental value. The appraisal will assess a number of factors related to the property in order to indicate the amount of rental income the owner could earn, should the property be rented out.
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            [0] => A rental appraisal is an evaluation carried out by a property manager to determine a property’s rental value. The appraisal will assess a number of factors related to the property in order to indicate the amount of rental income the owner could earn, should the property be rented out.
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            [0] => The Perth property market has shown remarkable resilience in recent years, with property values soaring +25.9% from the Covid trough to July 2022 peak. Despite some fluctuations, prices have been climbing again to reach new all-time highs, placing Perth as one of the leading markets in 2023. Perth has become the hottest selling market among state capitals, with homes listed for a median of 11 days before being sold.

As a real estate agent in Perth, we need to be on top of predicting and anticipating the changes in price movement of the properties.
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            [0] => Analysts forecasts that the Perth housing market will not only maintain its momentum in 2024 but will also see an increase of 2.6% in house price growth. This optimism is rooted in the city's sustained economic growth and the influx of eastern state investors seeking value and potential in Perth's relatively affordable market.

The combination of high demand, especially in sought-after suburbs, and a constrained supply is expected to keep pushing the median house prices upward, making Perth an increasingly attractive market for savvy investors and homebuyers.
Median Perth House Prices
Perth's housing market has recorded a double-digit increase over the year and set a new record median of $713,811. The report found Perth house prices lifted 3% over the quarter, an annual change of 10.4%. The Perth median house price surged by another +2.0% in November, bringing quarterly change right up to +5.5%. The current median price is $646,520.
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            [0] => The unit market in Perth, while trailing behind the house market in terms of growth rate, presents a unique opportunity for investors and first-time buyers. The steady increase in unit prices is indicative of a maturing market where both demand and supply are reaching a healthy equilibrium. This trend is particularly appealing to those looking for more affordable entry points into the property market or seeking investment properties with strong rental yield potential.
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Economic Factors Influencing the Perth Market
The economic upswing in WA, marked by low unemployment and robust population growth, has been a significant driver of the Perth property market. These factors create upward pressure on prices, making Perth an attractive destination for property investors and renters seeking affordability and quality living.

In addition, Perth's economic landscape has been bolstered by key industries such as mining and tourism, which have contributed to the unemployment rates and economic growth. These factors, combined with government initiatives to stimulate the local economy, have created a conducive environment for property market growth. The city's economic resilience is attracting a wide range of buyers, from local families to interstate migrants and international investors, all looking to capitalise on Perth's promising market conditions.
Rental Market Trends in Perth
Perth's rental market is expected to see continued growth in 2024., driven by a combination of factors including a growing population and a vibrant local economy. This growth is expected to be particularly significant in popular suburbs, where the demand for quality rental properties exceeds supply. As a result, rental yields are anticipated to remain high, making Perth an attractive market for property investors looking to capitalise on the strong rental demand.
Median Rental Prices
The rental market in Perth is under pressure, with vacancies at a record low of 0.4%, and together with good population growth, there is a notable increase in the median rental price in the past eight months. Despite this, rents continue to increase rapidly. House rents increased by 12.9% and unit rents by 16.3% in the 12 months to November 2023.
Regional WA Property Market Insights
Regional WA is experiencing a ripple effect from the growth in Perth, with many areas witnessing similar trends in property prices and demand. This growth is largely attributed to the spillover of economic and population growth from Perth, as well as the appeal of regional areas for those seeking lifestyle changes. The increasing interest in regional WA is a testament to the wider appeal of Western Australia as a whole for property investment and development.
Government Initiatives and Housing Supply
The Western Australian government's proactive approach to housing supply is a key factor in mitigating the risk of a housing shortage in Perth. These initiatives, ranging from land releases to incentives for new construction, are designed to ensure a steady supply of new homes to meet the growing demand. This government intervention is crucial in maintaining a balanced property market and preventing the kind of supply bottlenecks that can lead to inflated property prices.
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            [0] => Industry experts are optimistic about the future of Perth's property market. Experts predict that the Perth property market is set to continue its upward trend in 2024, with forecasted value gains of up to 10% over the next 12 months.

They highlight Perth's affordability, strong local market conditions, and the city's appeal to both Australian and international investors. The consensus is that Perth will remain a robust market for both homebuyers and investors.

Leading property experts are unanimous in their positive outlook for Perth’s property market. They cite the city’s ongoing infrastructure developments, steady population growth, and the resilience of the Western Australian economy as key indicators of a strong future for Perth’s real estate. This optimism is shared by local and national investors, who view Perth not just as a safe bet, but as a city on the cusp of a real estate boom.
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            [0] => Get an insight on the Perth property market predictions 2024 📈 From record-breaking house prices to rental market trends, AB Realty provides a comprehensive overview of the real estate 🏠landscape and forecasted house price growth in 2024 in Perth, WA.
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Conclusion
The Perth property market has shown strong growth and resilience in recent years, with predictions for continued growth in 2024. Despite challenges such as rising interest rates and low vacancy rates, the market remains robust, with both house and unit prices showing significant increases. The rental market is also promising for investors, with rents continuing to increase rapidly. As such, Perth remains an attractive market for property investors.

Back to top: Perth Property Market 2024
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