Perth Property Market: A Booming Year for Buyers and Sellers

Perth’s property market is experiencing one of its biggest booms yet, with the median house price expected to reach $750,000 by the end of 2024—an astonishing 25% growth in just one year.

What’s Driving the Market?

Several key factors are fueling Perth’s incredible growth:

1. Population Growth: WA’s population has surpassed 3 million, largely due to overseas migration, driving demand for housing.
2. Limited Supply: While building times have improved, overall housing completions remain low, pushing buyers toward established homes and driving up prices.
3. Fast Sales: Properties are selling quickly, with the median house price hitting $707,000 by September, up 17.8% from December 2023.

Units Are Following Suit

It’s not just houses experiencing growth—units are on the rise too. The median unit sale price reached $470,000 by September, marking a 14.1% increase since December 2023. Unit prices are projected to exceed $500,000 by the end of the year, providing an affordable entry point into Perth’s thriving market.

Northern Suburbs Market Snapshot

The northern suburbs continue to be some of Perth’s most sought-after areas, delivering strong growth across diverse price points and lifestyle options:

• Mullaloo: Median house price: $1,183,000 | Growth: 29.3%
• Kallaroo: Median house price: $1,220,500 | Growth: 26.1%
• Iluka: Median house price: $1,405,000 | Growth: 22.2%
• Jindalee: Median house price: $845,000 | Growth: 23.9%
• Duncraig: Median house price: $1,151,000 | Growth: 21.2%
• Karrinyup: Median house price: $1,390,000 | Growth: 20.3%
• Ocean Reef: Median house price: $1,200,000 | Growth: 20.0%
• Currambine: Median house price: $840,000 | Growth: 18.1%
• Hillarys: Median house price: $1,367,500 | Growth: 16.9%
• Burns Beach: Median house price: $1,312,500 | Growth: 16.9%
• Carine: Median house price: $1,265,000 | Growth: 10.0%

Stats from Realestate.com.au

What’s Fueling Growth in the Northern Suburbs?

The continued popularity of Perth’s northern suburbs is driven by their exceptional lifestyle, convenience, and investment potential:

• Coastal Living: Suburbs like Mullaloo and Iluka offer stunning beaches and easy access to Perth’s best coastal amenities.
• Family-Friendly Appeal: With top schools, parks, and safe streets, suburbs such as Duncraig and Hillarys are magnets for families.
• Investment Opportunities: High demand and limited supply in suburbs like Kallaroo and Jindalee make them ideal for investors looking for strong returns.

What Does This Mean for Buyers and Sellers?

For Buyers:
Competition is fierce, so timing is everything. Act now to secure your ideal home before prices climb further.

For Sellers:
This is your moment to capitalise. With high demand, quick sales, and rising prices, sellers are in a prime position to achieve excellent results.

Rental Market: Signs of Stability

While property sales are surging, Perth’s rental market is starting to stabilise. The median rent price for dwellings is $650 per week, unchanged from the previous quarter, with the vacancy rate increasing to 1.6% from a record low of 0.4%. Although rent prices may see further growth, it’s expected to slow as more rental properties enter the market.

What to Watch in 2025

Several factors could influence Perth’s property market in the coming year:

• Elections: Both federal and state elections in early 2025 could temporarily slow market activity as buyers and sellers adopt a wait-and-see approach.
• Interest Rates: Speculation around potential rate cuts may cause some buyers to delay entering the market.

Why Perth’s Property Market is a Safe Bet

With record-high prices, strong population growth, and ongoing demand, Perth remains one of Australia’s most affordable and attractive cities for property investment. Whether you’re buying, selling, or investing, the current market conditions present incredible opportunities.

Partner with Local Experts

Now more than ever, your choice in real estate agent matters. With the northern suburbs experiencing unprecedented growth, having a local expert by your side can make all the difference. At Noble Avenue Real Estate, we combine deep market knowledge with a proven track record to help you achieve exceptional results. Our small team, takes the time to truly understand you and your home. We focus on identifying and highlighting the unique features that set your property apart, ensuring they shine in the spotlight and utilising Noble Elevate services to enhance your home's appeal and market value based on what will provide the highest investment return.

Whether you’re buying, selling, or investing, our team is here to guide you every step of the way. Let’s make your next move a success.

Contact us today to take advantage of the opportunities in Perth’s thriving northern suburbs.