The property market continues to be a focal point of discussion, and as we wrap up July 2024, there are some noteworthy developments to highlight.
CoreLogic has reported a modest rise of 0.5% in national dwelling values, marking the smallest increase this year. However, Perth remains the standout performer with a 2% growth in July alone, contributing to an impressive 6.2% rise over the past three months and a staggering 24.7% increase over the last year. As a result, Perth’s median dwelling value now stands at $773,335, showcasing the city’s remarkable growth.
According to REIWA, there were 3,266 properties for sale in Perth at the end of July, representing a 3% decrease from June and a significant 37% drop from the same time last year. Despite the decrease in listings, the stock clearance rate remained steady at 20% through July. Still good news for those considering selling as this low competition from other sellers offers a significant advantage.
Focusing on the City of Melville, REIWA reported a 1.7% increase in the monthly median house price, bringing it to $1.2 million for July. The number of properties sold during the month held steady at 115, and for buyers looking in the area, available listings increased by 8% from June, reaching 157 by the end of July. The stock clearance rate dropped slightly to 42% for July.
Looking at our local suburbs, a search on realestate.com.au revealed Attadale and Applecross experienced significant decreases in listings with Attadale dropping 50% to just 11 listings and 30% drop to 48 listings in Applecross. Other suburbs experienced minimal changes in their market activity including Ardross with 15, Bicton 3, Alfred Cove 3, Mount Pleasant 9, and Melville 9, Booragoon 9 and Myaree which saw 3 new listings.
With no significant changes in the key drivers of Perth’s property market, the current trends are expected to continue in the near to medium term. However, there are early signs of a softening rental market, which will be something to monitor in the coming months.
Across Australia, the results were mixed. While median values in Sydney and Melbourne saw declines in July, Adelaide, Brisbane, and Perth continued to experience increases. Perth’s median dwelling value is above Melbourne’s, now in 3rd place, just $3,000 below Adelaide.
Stay tuned to see if Perth can maintain its impressive growth in the months ahead and move into second place behind Sydney by the December quarter.
