During the month of December, Perth’s property market continued to lead the nation, despite recording the softening growth over a rolling three-month period since April 2023.

Corelogic reported that nationally, December saw the first decline in home values in almost two years with a 0.1% decline, which was a culmination of mixed results among the capital cities. Melbourne and Sydney prices continue to trend downwards, while Brisbane, Adelaide and Perth recorded humble price increases. Perth is still proving to be the strongest in the Nation but only recorded a very modest 0.7% increase in median dwelling values for the month of December. This marked a 1.9% rise over the past three months and 19.1% growth over the past year. Perth’s median dwelling value rose to $813,106, however the growth rate for Perth is slowing and has a modest growth trajectory for 2025.

As expected for December, REIWA reported a drop in listings by the end of the month, with 4,307 properties for sale, reflecting a 23.92% decrease from November’s end but still a significant 18.55% increase compared to the same time last year. Despite this growing supply, demand remains robust, especially in the middle and lower price brackets.

The City of Melville experienced another month of price growth in December, with REIWA reporting a 1.68% rise in the monthly median house price, reaching $1,300,000. Total listings in the area saw a 23.81% decline November to 176 listing in December reflecting the typically quieter trends for the month. Sales activity also declined in December by 22.81% with 115 properties sold, however the stock clearance rate held steady at 40% showing a balance in the relative strength of demand vs supply levels.

Local suburb data from realestate.com.au showed a 14.36% decrease in listings shared evenly among the suburbs of Alfred Cove, Applecross, Ardross, Attadale, Bicton, Booragoon, Melville, Mount Pleasant and Myaree.

2025 will be an interesting year and many experts are still projecting between an 8-10% growth for the year. There’s no data to object to this projection right now, however we believe that the bulk of the price growth is likely to come in the 1^st half of 2025. The clear trend increases in stock levels, days on market, rental vacancy rate, and the slowing rate price growth suggest to us that 2025 is very likely to be the top of the current cycle. However, only time will tell.