Welcome to our April 2024 market wrap and last month, we dared to predict a 20%+ increase in prices by the year’s end, and this week, REIWA has echoed our sentiments, but you will always hear it here first!

April’s data from CoreLogic shows a national average increase in property values of 0.6%. However, Perth’s market outshone the rest with a robust 2% rise in dwelling values for the month and a notable 6% growth over the past 3 months. These figures elevate Perth’s median dwelling value to $721,000, marking an impressive 21% increase over the past 12 months – double the growth rate of the combined capital cities.

According to REIWA, the number of properties on the market in Perth at April’s end stood at 3,642 maintaining last month’s low stock levels which are about 50% below the previous year. Perth also had another high stock clearance rate of 22% for the month with a total of 1002 sales.

In the City of Melville, the median house price continued its upward trend, reaching $1.133 million in April. Although there were 118 properties sold, a 21% decrease from March, available stock levels remained stable with 184 listings, and still achieved a high 39% clearance rate for month.

Local suburb insights from realestate.com.au show that Applecross and Mount Pleasant experienced stock increases with 80 and 51 respectively. Conversely, Alfred Cove with 2, Attadale 15, Bicton 10, and Booragoon 6, seeing notable reductions in their housing inventories, while Ardross, Melville, and Myaree remained stable with 13, 9 and 3 respectively.

Perth’s property market is rapidly approaching the median values of other capital cities. The big question remains: will Perth reclaim its position as the second most valuable city market, a status last held in 2007? Only time will tell.

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