However, unlike previous years, 2024 has seen traditional market dominance shift from east to west. With its booming resources sector, Perth has overtaken its east coast counterparts to become Australia’s hottest capital city.
Perth’s property market boom has significantly impacted property buyers who are trying to navigate this thriving landscape and take advantage of the opportunities it presents.
In this article, we provide a comprehensive overview of the current market conditions and explain why it's a good time to buy and build in Perth.
Perth's 2024 Property Market Overview
Off the back of a buoyant resources sector and a strong recovery in population flows, Perth’s property market is flourishing. Reclaiming the title from the East Coast as the most in-demand capital city, housing prices have soared.
Despite the Reserve Bank’s 13 interest rate rises since May 2022, which have sent mortgage payments soaring, even the rising interest rates have failed to impact the boom. According to REIWA CEO Cath Hart, "The raft of interest rate rises in 2023 did not slow the WA property market.”
One of the main drivers of housing demand in Perth in 2024 has been its rapid population growth. According to the Australian Bureau of Statistics WA recorded a 3.1 per cent increase in its population in the year to June, the strongest growth rate in the country. Add to that WA’s low unemployment rate and demand for housing in Perth shows no signs of slowing down.
New records are also being set in the Perth rental market, with population growth and limited supply continuing to push up prices. According to REIWA, rental prices in Perth have risen 3.3% over the first quarter of 2024 and 12.7 per cent over the last year to a new record of $620.
The Western Australian government has implemented a number of strategies in a bid to bolster the housing supply and reduce the current shortage that is driving prices up. Through targeted land releases and enticing construction incentives, particularly in high-demand areas, they're expanding the available housing stock and offering buyers the chance to move away from high-priced established homes and take advantage of affordable building opportunities.
Expert predictions on the future of Perth’s market
Due to the city's relative affordability, strong economy, and shortage of housing supply, particularly rentals, Perth’s property market looks set to continue soaring.
According to REIWA’s 2024 property market quarterly update, Perth’s dominance looks set to continue. House prices are set to grow 10% in 2024, compared to the national average of 5 to 7%.
With WA’s economy driven by the cash-rich resources sector, Perth's real estate market is poised for a promising future. The city's investment in infrastructure projects, such as the completion of new Metro net links and new social infrastructure in the Perth CBD, is not only enhancing livability but also boosting property values and demand.
With a population that continues to grow steadily, driven by both domestic migration and international migration, the demand for housing is expected to remain strong.
Why it's a good time to build
With houses in limited supply and prices rising, house and land options are becoming increasingly affordable for buyers, particularly those seeking to escape the challenges of the rental market.
As Perth continues to expand at a rapid rate, vacant land is becoming available in areas both new and old. But, with demand and competition for land high, finding land in the area of your choice - or close to it - can be challenging.
Building in Perth in 2024 is an investment in the future. Perth's property market consistently demonstrates a history of appreciation, with properties experiencing steady growth over the long term. As the city continues to undergo infrastructure developments and experience population growth, the potential for property appreciation remains promising.
Add to that the current $10,000 first-home-owner grant (FHOG), and Perth will continue to attract buyers who want to buy and build their first new home.
Rivermark offers a level of ease and family convenience that is rare in many new land estates in other areas of Perth. And when it comes to land, Rivermark provides a level of choice buyers will struggle to find across the whole Perth region. Offering a wide range of homeland options, you'll be able to find the package that's perfect for you.
Build your future in Perth
With its strong, stable economy driven by resources, growing population, and low unemployment, Perth looks set to continue its dominance of the property market and attract more people to the West.
Due to the shortage of housing supply, particularly rentals, and record prices, both homebuyers and investors look set to move away from established homes and choose popular and profitable house and land options.
At Rivermark, our thriving master planned community is home to more spacious and established living, connecting you to everything you need for convenience and a life of enjoyment. With a range of stunning house and land options now selling, there’s an excellent opportunity for you to live here sooner.
But, with demand high, house and land options will only be available for a limited time, so get in quick to secure yours.
Explore our house and land options today and envision the life you could create in this vibrant community.