The property market continues to be a focal point of discussion, and as we look back on October 2024, there are some noteworthy developments to highlight.
With the spring selling season in full swing, Perth’s property market saw a surge in listings through October. Despite this influx of supply, Perth still led the nation’s capitals, recording a steady 1.4% increase in median dwelling values during October. Over the past 3 months, Perth saw a 4.1% and a 22.6% increase over 12 months. The city’s median dwelling value now stands at $804,621, reinforcing Perth’s position as Australia’s strongest market, even amid broader economic pressures.
REIWA reported that properties for sale in Perth rose to 4,996 by the end of October, a 23% jump from September but this is still well below long-term averages. Although this provided buyers with more options, there was a healthy stock clearance rate of 17%, indicating that demand remains high.
The City of Melville experienced a slight 0.1% increase in its monthly median house price to $1.251 million. Listings increased by 19% from 177 listings in September to 210 by October’s end. However, sales activity was notably strong with 138 properties sold in October. This was a 44% increase from September and resulted in a stock clearance rate of 40% for October, further signalling market conditions still in favour of sellers.
Local suburb data from realestate.com.au showed overall stability, with only minor shifts in listing numbers. Applecross experienced a slight decrease in the number of properties for sale, while Bicton saw a sharp increase, reflecting only localised variations in supply across our key local suburbs.
Nationally, October brought mixed results. Sydney saw its first decline in median dwelling values since January 2023, while Brisbane and Adelaide maintained their upward trends. Perth’s impressive year-to-date growth continues to outpace all other capital cities, reaffirming its standout performance within the Australian property market.
Despite the current strength of the market, there are trends appearing which suggest a market cool down could be on the horizon within the next 6 to 12 months. Notably, the increase in housing supply and increasing vacancy rate in the rental market (now at 1.9%) are the two main appearing trends. Although none of us know the future with any certainty, for those who are only selling (i.e not selling & buying), now might be the time to consider taking the bird in the hand, and cash in on those market gains from the past few years.
