As we head into the final stretch of the 2024 selling season, the Perth property market continues to defy the national trend, maintaining its upward trajectory. CoreLogic has reported a 0.5% increase in national dwelling values for August, with Perth again outperforming the rest of the country, registering a 2% rise in August. Over the last three months, Perth’s growth in dwelling values was an impressive 5.7%, and thus still the strongest property market in Australia. Perth’s median dwelling value now stands at $785,250, reflecting its resilience in the face of national economic pressures.
According to REIWA, the number of properties for sale in Perth increased slightly to 3,637 at the end of August, a 1.54% increase from July. This marks a significant 30% reduction from the number of available listings from this time last year. The stock clearance rate remained steady at 19% for August, indicating that demand remained strong.
In the City of Melville, REIWA reported the median house price rose 1.7% to $1.22 million for August. A total of 129 properties were sold during the month, showcasing steady demand in the area. The number of available listings decreased slightly, with 148 properties on the market, down from 157 in July. The stock clearance rate improved to 47%, a positive signal for sellers looking to capitalise on market conditions.
Our local suburbs saw no significant changes in listing numbers compared to July, indicating relative market stability across these desirable areas. Listing numbers per suburb at the end of August were:
Alfred Cove: 1
Applecross: 56
Ardross: 14
Attadale: 9
Bicton: 5
Booragoon: 10
Melville: 10
Mount Pleasant: 34
Myaree: 1
Across the rest of Australia, the property market showed mixed results in August. Sydney experienced a modest 0.3% increase in median dwelling values, while Brisbane and Adelaide continued to climb, recording increases of 1.1% and 1.4%, respectively. Meanwhile, Melbourne saw a slight decline of 0.2%. Perth’s impressive 16.2% growth year-to-date far outpaces all other capital cities. Our median dwelling value is now just $4,000 behind Adelaide and less than $10,000 behind Brisbane.
Some important things to keep an eye on for where the market may be heading over the next 6-12 months will be iron ore prices, the Perth rental market, the national economy and the Reserve Bank’s upcoming rate decisions. Significant changes in these key areas could indicate that a change is on the horizon.
