March 2024 Quarter - Perth
- Posted By Chris Nicholson
Perth’s housing market has maintained its status as a leading performer on the national stage, showcasing remarkable resilience and growth. As we navigate through 2024, the city's property landscape continues to set new records and present exciting opportunities for investors and homeowners alike.
Perth's house prices have surged to a new record, climbing 16.6% higher than a year ago – the city’s steepest growth in 17 years. Despite this impressive annual increase, the pace of quarterly growth has slowed significantly, now sitting at 1.5%, which is five times slower than the previous quarter. This deceleration suggests a market that, while still strong, is beginning to stabilize after a period of rapid expansion.
The first quarter of 2024 also marked a significant milestone for Perth’s unit prices, which reached a record high, surpassing the previous peak from a decade ago. This achievement was driven by a substantial acceleration in unit prices, reflecting the city’s fastest quarterly gain in 3.5 years at 8.1%, and 17-year-high annual gains of 17.2%. Notably, the growth in unit prices has outperformed houses both annually and quarterly, breaking a long-standing trend observed over the past 11 quarters. This shift has narrowed the price gap between houses and units to 83%, down from the previous quarter's record of 95%.
Perth's housing market in early 2024 continues to shine, with record-setting performances in both house and unit prices. While the growth rate for house prices shows signs of stabilization, the unit market is experiencing unprecedented gains, reshaping the city's real estate dynamics. As the market evolves, Perth remains a key focal point for property investors and buyers seeking robust returns and growth opportunities.