February Market Summary

In January 2024, REIWA.com data reported an increase in Perth’s median sale price to $600,000, which is 9.9 per cent higher than January 2023. This is also a new record for Perth and, according to REIWA.com, Perth housing prices are set to grow a further 10 per cent in 2024.

The raft of interest rate increases in 2023 has not slowed the WA property market. Indeed, Perth’s population growth is a significant factor behind the strong housing demand. WA recorded a 3.1 per cent increase in its population in the year to June 2023, which is the strongest growth rate in the country. This saw our population grow by 87,000 people with immigration and natural increases. Based on 2.5 people per household, that equates to approximately 35,000 additional households in a period of 12 months. The current conditions also do not look to be changing in the near future.

If you are considering selling, please do get in touch as we would welcome the opportunity to discuss your options. If you are looking to buy, please be prepared. Keep an eye out for new listings as they come to market and be sure to attend the first home open.