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Overview
The Perth property market is expected to experience growth in 2024, driven by several key factors. The housing market in Perth could see an increase of approximately 10% during the year. This growth is supported by a strong local economy, increased migration from overseas and interstate, and a tightening supply of available properties.
Housing affordability in Western Australia remains favorable compared to other Australian states. Typically, only about 34.5% of a family's income is allocated to mortgage payments in WA, which is significantly lower than in states such as New South Wales, Victoria, and Queensland. This affordability contributes to sustained demand in the market.
Population growth in Western Australia is the highest in the country, with an annual growth rate of 3.1% as of June 2023. This growth is largely fueled by demand for skilled workers and the availability of relatively affordable housing options. The trend is expected to continue, further supporting the property market.
Supply constraints are evident, with a notable decrease in the number of homes for sale in Perth. This tightening of the market is compounded by near-record lows in rental listings, which has intensified the rental crisis in the region.
Overall, the Perth property market is positioned for a positive year in 2024, making it an attractive option for property investors seeking growth opportunities.
Sources for these insights include forecasts from NAB and Westpac, updates from REIWA market forecasts, and analysis from Momentum Wealth.
While every effort is made to ensure the accuracy and completeness of the property information provided, no guarantee is given. Buyers should independently verify all details, inclusions, availability, pricing, and other relevant information directly with the listing agent before relying on this information.
Location
Perth WA 6000
Market Insights for Perth WA 6000
Other properties in this postcode
* Search brackets are a technical classification derived from unverified metadata set by the listing agent for search filtering. It is not an official price guide, a valuation, or a representation of the seller's reserve. This data is provided for search transparency purposes only.
