As we stride into 2024, Noble Avenue Real Estate presents an insightful look into the Perth property market. 2023 has been a defining year, setting the stage for the trends we anticipate in the year ahead.
Despite challenges such as rising interest rates, Perth's property market showed remarkable growth and resilience.We witnessed record times in median sale periods, record lows in property listings, significant price growth, rising rents, and a trend of robust demand outpacing supply. This impressive performance in the face of economic challenges highlights the enduring strength and appeal of the Perth real estate market.
Key Statistics from 2023:
Looking forward, we foresee a continuation of this growth trend.
The market, adapting to the changing economic landscape, is poised to offer new opportunities for investors and homeowners alike, maintaining its vibrant and dynamic character.
“With WA’s population growing 2.8 per cent in the year to March, the most growth in the country, the appetite for WA property is strong and likely to remain this way for some time",
“Houses are selling like hotcakes and the number advertised on www.reiwa.com hit a 30-year low of 4,931 at the end of September, well below the 12,000 that is considered a balanced market," said REIWA CEO Cath Hart.
These elements combined create a conducive environment for sustained growth in Perth's property market.
“Demand is high and supply is low. This is unlikely to change in the future, maintaining upward pressure on prices,” said REIWA CEO Cath Hart.
In 2023, Perth's property market displayed remarkable growth and resilience, with the median house price surpassing projections to reach $590,000.
“This is a new record for Perth house prices", REIWA CEO Cath Hart said.
Throughout the year, median house prices are projected to steadily increase, peaking mid-year, and then achieving stability.
In this evolving landscape, the expertise of seasoned Perth real estate agents, such as Linda Noble, Brett Moore, Karen Riches, Jay Dass and Vince Epps from Noble Avenue Real Estate, becomes invaluable. From navigating market fluctuations to understanding the nuances of Perth property sales, agents play a pivotal role in facilitating successful transactions.
2024 also emphasises the need for professional property appraisals. These appraisals are crucial for investors and landlords to make informed decisions and maximise returns.
If you're curious about the current market value of your home, simply fill out the form here, and one of our expert Consultants will provide you with a complimentary appraisal.
The Perth property market is set for another exciting year, and Noble Avenue Real Estate is here to guide you through it. Whether you're buying, selling, or investing, our team of experienced agents is ready to provide the insights and services you need to succeed in this dynamic market.
Together, we have helped over 300 families move home in 2023 and predict to help even more this year. Thank you to our valued clients for choosing us and entrusting our experienced team with your home. Creating a stress-free, smooth, and positive experience for you is our priority.
If you are thinking of buying or selling in 2024, we’d love to be part of your property journey!
Apr 9, 2024
Record-Breaking House and Unit Prices In the ever-evolving narrative of Perth's real estate market, March 2024 stands out as a historic month where we witnessed an unparalleled upsurge in property values. This period marked a new pinnacle in house and unit prices, setting unprecedented benchmarks across the board. According to the latest data from the Real Estate Institute of Western Australia (REIWA), the median house price soared to a record $620,000, reflecting a notable 2.5% increase from the previous month. Units followed suit, experiencing a 1.2% rise, reaching a median price of $420,000. The Dynamics of Demand: Population Growth Fuelling Price Hikes The demand driving these price increases is linked to Western Australia's robust population growth, which at 3.3% year-on-year, contrasts with the slower pace of dwelling completions. This demand-supply imbalance is manifesting in a 12.7% annual surge in house prices and a 5.0% uplift in unit values. Local Buyers Lead the Market While investment allure from the Eastern States is undeniable, REIWA reports indicate that the local buyers are predominantly fuelling the market's momentum. These buyers often have strong attachments to specific locations or properties, influencing their willingness to engage in competitive bidding. Quick Property Sale Times The market dynamics are also reflected in the time properties spend on the market. Houses in Perth sold in a median of eight days in March, consistent with the previous month and faster than the 13-day median from March 2023. Unit sales times averaged at 10 days. Localised demand - High-Performing Suburbs Focusing on high-performing suburbs, we see areas like Carine and Iluka showcasing remarkable sales growth and commanding impressive median sales prices. Carine: Experiencing a 10.1% sales growth, Carine's median sales price reached $1.17 million, with properties spending an average of 9 days on the market. Duncraig: With an 8.5% growth in sales, Duncraig homes have a median sales price of $990,000 and an average time on market of 11 days. Karrinyup: Homes in Karrinyup saw an 8.0% sales growth, a median sales price of $1.19 million, and an average selling time of 11 days. Hillarys: This suburb reported a 9.4% growth in sales, with a median sales price of $1.16 million and homes typically selling in 13 days. Iluka: Leading with a 10.9% sales growth, Iluka's median sales price stands at $1.2 million, with homes selling in about 10 days. Currambine: Here, there's a 7.6% sales growth, with an average sales price of $716,000 and properties selling within 8 days. Enhancing Property Appeal in a Booming Market In a market as spirited as Perth's, standing out is key to maximising a property's value and sale potential. Here, the role of strategic home improvements and staging cannot be overstated. While many homeowners undertake such enhancements independently, services like Noble Avenue Real Estate's Noble Elevate offer a structured approach to elevating a property's appeal. By providing comprehensive home improvement and staging solutions, Noble Elevate aids homeowners in presenting their properties in the best possible light, thereby facilitating quicker sales and potentially higher returns. Such services underscore the importance of market readiness, offering homeowners a viable path to distinguish their properties in a competitive landscape. Listings and Rental Market Trends for Investors For investors, the rental market presents compelling insights. A contraction in active listings to 3,654 coupled with a climb in median rents to $649 per week paints a picture of a market skewed in favour of landlords. However, this also signals a strategic window for renters. As rental conditions tighten and prices ascend, the case for transitioning from renting to owning becomes increasingly persuasive, offering an opportunity to build equity in a thriving market. ---- For those contemplating their next move in real estate, understanding these dynamics is crucial. Whether you're considering selling, buying, or simply assessing your current property's value, connecting with knowledgeable experts can provide the clarity and advantage you need in this competitive landscape. Interested in exploring your property's potential in this vibrant market? Reach out to Noble Avenue Real Estate for a comprehensive appraisal and tailored advice to navigate your real estate journey with confidence. Book your property appraisal today and step into Perth's real estate future with informed insights and expert guidance.
Oct 27, 2023
Property prices in Iluka have performed strongly over the past 12 months. The median sale price for Iluka for houses is currently $1.12m having risen 4% over the past 12 months. There have been 92 properties listed for sale over the past 12 months. This is lower than the same time last year when there were 112 listings and shows that we have fewer sellers coming onto the market than for the same time last year. On the sales side, 91 properties sold over the past 12 months compared to 95 for the previous year. The current time on market for a house in Iluka is 13 days. Property market data can sometimes seem overwhelming. If you need help understanding what these numbers mean for you and how to interpret them for your own property goals, please don't hesitate to get in touch. Curious about the value of your home? Contact Jay Dass on 0407 205 421 [form id="d81853a6-6ba5-11ee-b0f6-0e85384a0a3b"]
