During the first quarter of 2025, Corelogic reports that Perth’s property market continued a modest path forward, maintaining its resilience despite clear signs of slowing momentum. Nonetheless, Perth remains in positive territory and continues to draw strong buyer interest, especially in affordable and mid-range price points.

Nationally, home values rose by 0.7% for the quarter. Darwin led with a 2.8% increase, followed by Adelaide at 1%, Brisbane at 0.9%, while Sydney and Melbourne both showed signs of early recovery with 0.4% and 0.3% increases respectively. Perth recorded 11.9% annual growth to the end of March, with a median dwelling value of $806,205. This reflects a significant slowdown in price growth in the last 3 months when you consider the annual price growth to December was around 20%. Despite the slowdown, underlying demand is still holding.

REIWA reported a noticeable increase in stock levels for Greater Perth, with 5,091 properties listed for sale at the end of March. This represented a 5.43% increase from February, an 18.2% rise from the end of the previous quarter, and a significant 41.77% jump compared to the same time last year. While stock is building, it for now is still being matched by demand, and sellers are still benefiting from relatively short selling periods in most suburbs.

The City of Melville continued to outperform the broader market, recording a 5.08% increase in the median house price over the quarter. The median price in the area now sits at $1,366,000, reflecting an impressive 23.06% annual growth. Listings across the district rose by 16.48% from the previous quarter as expected for this time of year, although a slight monthly drop of 5.53% was recorded in March. Sales activity remained strong, with 149 properties sold during the month marking a 29.57% increase from last quarter and a 17.32% rise from February. Despite higher stock levels, the pace of sales and steady clearance rates indicate that market conditions in Melville still favour sellers. However, this will vary depending on price bracket as we are seeing the bulk of softening demand in the higher price points.

Local data from realestate.com.au revealed that available listings across key Melville suburbs including Alfred Cove, Applecross, Ardross, Attadale, Bicton, Booragoon, Melville, Mount Pleasant, and Myaree, rose by 14.45% compared to the previous quarter. This increase in listings is likely to continue and should be good news for all the buyers out there, with many homeowners seeking to take advantage of the still-strong market fundamentals.

We have been saying this for 3 months now, and the data continue now backs the prediction, 2025 is most likely to the be top of the current market cycle, with the bulk of price growth likely to occur in the first months of 2025. No predictions are certainties, but the key market drivers are all heading in the same direction. This really isn’t of any concern for those who are buying and selling in the same market, but for those thinking of capitalising on their investment properties in the near future, I believe that 2025 is your bird in the hand moment.