2024 Perth Property Market Predictions

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.

2023: A Year of Resilience

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:

• Median house price set new records.
• Median time to sell a property reached a swift eight days.
• The number of properties for sale plummeted to a record low of 3,648 at year-end.

Predictions for 2024

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.

Median House Prices: Perth house prices are set to grow 10 per cent in 2024, according to REIWA’s 2024 property market quarterly update.

Market Drivers:

• • Economic Dynamics: WA's economy, forecasted to grow by 4.25%, and is attracting investors and first-home buyers.
  • Population Growth: High population growth and low unemployment rates are fuelling market demand.
  • Building Completions: There is a significant gap between population growth and new home completions, with a shortfall of over 20,000 dwellings, continues to exert upward pressure on established home prices in WA.
  • Affordability and Rental Yields: Perth's relative affordability and high rental yields continue to attract market interest.

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.

The Resilience and Growth of Perth's House Prices

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.

The Role of Real Estate Agents

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.

Importance of Property Appraisal

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.

Conclusion

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!