November Market Summary

According to CoreLogic’s home value index and REIWA CEO Cath Hart, Perth home values were relatively stable in October with Perth having the smallest decline out of all the capital cities in Australia, with a 0.2 per cent as compared to Brisbane’s home value index decline of 2.0 per cent and Sydney’s decline of 1.3 per cent. The main drivers are the low level of stock and Perth’s affordability, with median house prices the lowest in Australia. There is nothing to indicate a drastic reduction in house prices in Perth.

Perth is experiencing a housing and labour shortage concurrently, which is resulting in good outcomes for sellers, but competitive conditions for those wanting to buy. The population continues to grow and this is adding additional pressure on the already strained housing market. Conditions are likely to remain this way until we have more housing stock. This demand for housing is expected to keep the market stable.

The rental shortage remains a critical issue for the WA rental market. Rents will continue to rise in Perth while there is a rental shortage.

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