Perth Housing Forecast 2024
In 2024, Perth’s housing market is expected to grow by 10%, according to the Real Estate Institute of Western Australia (REIWA). Despite interest rate increases in 2023, Western Australia’s property market remained strong.
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House prices in Perth saw a significant 8.3% increase in 2023, reaching a new record median price of $590,000. However, unit prices remained relatively stable, with only a modest increase of 2.0% for the year.
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Key factors influencing the property market include population growth, limited housing supply, and a robust state economy with job opportunities and low unemployment rates.
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The rental market also performed well, with median rents reaching new highs in December 2023. House rents hit a record $620 per week, while unit rents increased to $570 per week, driven by strong demand and limited supply.
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Despite a slight increase in rental listings in December, the market remained challenging for tenants due to high demand and low availability. Overall, the outlook for Perth’s property market in 2024 appears promising, driven by population growth, economic strength, and strong demand.
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If you’re considering buying or investing in property in Perth, now might be a favorable time to take action.
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KA-CHENG Property Group
Morley Dianella Real Estate
Morley Dianella Real Estate