Perth Real Estate Trends in September 2024: 5 Trends You Need to Know
As we are halfway through September 2024, Perth’s real estate market continues to experience dynamic shifts that both buyers and sellers should be aware of. Here’s a deep dive into the current trends shaping the property landscape in Western Australia’s vibrant capital.
1. Steady Price Growth
The Perth property market has shown remarkable resilience, with house prices continuing to rise steadily throughout 2024. According to recent data, the median house price in Perth has grown by about 5% year-on-year, driven by strong demand and limited supply. While this may seem modest compared to the double-digit surges seen in some other Australian cities, Perth remains an attractive option for buyers seeking value in a capital city.
The suburbs leading the charge include:
- Mount Lawley: Known for its heritage homes and proximity to the city, this suburb remains a hotspot for both investors and families.
- Baldivis: A favorite among first-home buyers and young families, it continues to offer more affordable housing options.
- Applecross: A premium riverside suburb, it attracts affluent buyers looking for luxury homes with water views.
2. Rental Market Tightens
Rental properties in Perth are currently in high demand. With vacancy rates hovering around 0.9%, finding a rental property has become increasingly competitive. This tight rental market has led to rent increases, with the average weekly rent for a house in Perth now sitting around $550, an increase of 8% compared to last year.
The pressure in the rental market can be attributed to factors such as interstate migration, a lack of new rental stock, and fewer investors entering the market due to rising interest rates. For those considering investing in Perth real estate, this trend offers the potential for strong rental yields.
3. Interest Rate Impact
The Reserve Bank of Australia (RBA) has implemented a series of interest rate hikes throughout 2024, impacting the affordability of home loans. While Perth's property market remains more affordable compared to Sydney or Melbourne, the rising cost of borrowing is expected to moderate buyer activity.
That said, first-home buyers still have access to government incentives, such as the First Home-Owner Grant (FHOG), which has kept some activity alive in the more affordable outer suburbs.
4. Sustainability & Green Living
Environmental consciousness is becoming a key consideration for homebuyers in Perth. More people are seeking energy-efficient homes, equipped with solar panels, water-efficient systems, and sustainable materials. Developers are responding to this demand by incorporating eco-friendly features in new builds, especially in emerging suburbs like Yanchep and Alkimos. This trend is particularly appealing to younger buyers who prioritise sustainable living.
5. The Rise of Regional Areas
While Perth’s inner suburbs continue to be in high demand, there has been a noticeable increase in the popularity of regional areas outside of the city. Towns such as Mandurah and Bunbury have experienced a surge in interest as remote work becomes more commonplace. Buyers are attracted by the lifestyle benefits, including coastal living, larger properties, and a more relaxed pace of life.
Final Thoughts
Halfway through September 2024, Perth’s real estate market continues to present opportunities and challenges. Whether you’re a buyer, seller, or investor, staying informed about the latest trends will help you make smart decisions. While interest rates and affordability will continue to play a significant role, Perth’s long-term appeal, driven by its affordability compared to other major cities and its lifestyle advantages, remains a constant draw.
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