Perth is currently Australia’s house price leader.
According to CoreLogic, Perth has experienced the biggest house price rebound after prices bottomed nationally in late January 2023:
As shown above, Perth dwelling values have risen by 16.0% from late January 2023, easily eclipsing the 10.5% rise across the five major capital cities.
Perth dwelling values also continue to grow strongly, rising by a nation-leading 1.3% over the past 28 days, versus only 0.4% across the 5-city aggregate:
Separate data from PropTrack to end-December shows that Perth dwelling values soared by 14.7% in 2023, to be up 48% since the beginning of the pandemic in March 2020:
According to a recent article published in The ABC, East Coast investors are helping to drive Perth property values skyward.
Real estate agent for Perth’s southeast area of Armadale, Grant Wilson, estimated about 70% of the area’s prospective buyers were based on Australia’s east coast.
BAFC Settlements licensee, Anne Meiklejohn, likewise said that interest from east coast buyers had surged over the past 12 months.
“In the past, we had very few investors seeking the opportunities over here”, she said.
“When you compare our prices to the eastern states, it’s a much easier market to get into”.
“It’s forcing prices up. People are offering more than what they are on the market for”, she added.
“We’ve had one [offer] come in at $80,000 above what was on the market”.
East Coast investor interest in Perth makes sense given it is the cheapest mainland capital city housing market in the nation:
That said, prices are also been driven up by record net overseas migration into Western Australia, alongside strong inward migration from other states:
After a decade of sluggish growth, Perth house prices are playing catch-up.
