Looking at the Perth property market for January 2024, we saw a continued trajectory of growth, and Perth further cementing its status as the top-performing capital city in Australia. Despite the modest 1.0% increase in property prices across Australia over the three months to January 31, Perth has outshone its counterparts with a remarkable 4.9% increase during the same period. 1.6% of this growth was during January. Over the past 12 months, CoreLogic reported a 16.7% rise in Perth prices, leading all capital cities and nearly doubling the national average.
The median house value in Perth has reached a new all-time high of $676,823, reinforcing the city’s position as a robust sellers’ market. There was a very slight uptick in stock with REIWA reporting 3,860 properties for sale as of January 28, although this is still significantly lower than in January 2023.
Looking at the monthly trends in the City of Melville, the median house price rose from 1.045 million in December to $1.095 million in January, according to REIWA. The overall sales volume for January was 115, only slightly down from December. Stock levels were slightly up, with 188 properties for sale across all categories. No material change from the previous month on either front.
A closer examination of local suburbs via realestate.com.au reveals that the majority of available stock was in Applecross (65) and Mount Pleasant (55) as typical. There was a slight increase in stock for Attadale (18) and Booragoon (12), while options in Alfred Cove (3) and Myaree remain scarce (3). There were no major changes to stock in Melville (15) or Bicton (11).
In other news, with inflation on the decline, the Reserve Bank decided to hold interest rates steady at their February meeting, which provides some good news for prospective buyers, and the overall property market.
Looking ahead, the Perth market still looks poised for 8-10% growth in 2024. We are seeing a few more buyers come back into the land market, and I expect land sales to start improving at some stage this year given the shortages of existing homes and early signs of some softening in the construction market.
I encourage you to stay connected via my social media channels (Insta & Facebook) for ongoing updates, insights and valuable guidance on how to best navigate the Perth property market successfully in 2024. I look forward to updating you again soon.