April Market Summary

CoreLogic’s Perth home index increased 0.6 per cent in April 2023, 1 per cent over the quarter and 1.3 per cent over the year. Along with Adelaide, Perth is the only capital city to show growth over the last 12 months. We haven’t seen the significant price drops experienced in East Coast markets and with the RBA announcing another interest rate rise in May, the WA property market is well positioned to weather this month’s rate rise.

These constant interest rate increases have impacted parts of the market with REIWA.com data showing sales activity in the under-$500,000 price bracket having fallen since rates started increasing.

Sales supply remains low and at the end of April 2023, only 6,570 properties were for sale in Perth, the lowest number of properties available for sale since June 2010, with the average number of selling days sitting at 14.

With strong selling conditions remaining, the Autumn and Winter months could show stronger property sale levels than experienced over previous years.

Of course, to keep up to date with the Perth property market, feel free to drop us a line or register for C&CO Real Estate’s property alerts… Whatever your real estate needs, we would love to help!