Whether you’re selling property or looking to buy, navigating the Western Australian property market can be a daunting task, especially with its ever-changing dynamics. To help you make sense of the current landscape, we’ve compiled five essential things you need to know about the WA property market right now, with insights from Cath Hart, CEO of the Real Estate Institute of WA (REIWA). Perth’s median house price is on track to grow more than 20 per cent to reach $740,000 by the end of 2024, according to REIWA’s latest quarterly market update.
At the end of August, Perth’s median house price was $688,000, already 20.7 per cent higher than a year ago and 26.2 per cent higher than the previous peak of $545,000 set in 2014.
Ms Hart said the market continued to be driven by strong population growth and constraints in the building industry. “Demand remains strong, houses continue to sell in record time and prices keep rising,” she said. “WA recorded 3.
3 per cent population growth in the year to December, which included about 79,000 net arrivals through overseas and interstate migration. “That’s about twice the population of Baldivis, which significantly boosts the demand for housing. “While new home starts are being now completed in quicker timeframes, Perth’s overall housing completions remain low, so we have an ongoing imbalance between supply and demand.
It’s a perfect storm.” Does it feel like as soon as you see a ‘For Sale’ sign go up, there’.