June 2024 Quarter - Perth
- Posted By Chris Nicholson
Perth’s real estate market is experiencing unprecedented growth, cementing its status as one of Australia’s most dynamic housing markets. Recent figures reveal that house prices have reached record highs, reflecting a dramatic surge in value. The city’s property sector is not only outperforming other capitals but also setting new benchmarks for both houses and units. This exceptional performance highlights Perth’s burgeoning appeal to investors and homebuyers alike, driven by robust demand and a thriving market environment.
Perth's housing market remains a standout performer nationwide, with house prices climbing by $52,000 (6.6%) in the June quarter, reaching a new high of $852,240. This quarterly growth rate is nearly 1.5 times higher than the previous quarter and double that of a year ago, driving annual gains to a 17-year peak of 23.8%. Over the past year, house prices have surged by $448 per day, marking the fastest increase in the city's history.
Unit prices in Perth have also seen remarkable growth, rising for the fifth consecutive quarter by nearly $34,000 (7.8%) to a record $466,720. This strong performance, driven by the city’s highest annual gain in 17 years at 25.5%, has made Perth’s unit market the strongest among Australian capitals. Notably, unit prices have outpaced house prices in Perth over the past two quarters, reversing the previous trend.
Perth’s housing market is demonstrating remarkable resilience and vitality, with record-setting price increases for both houses and units. The city’s impressive growth rates and the strong performance of its unit market underscore its status as a leading player in the national property landscape. As Perth continues to attract significant investment and demand, its real estate market is poised to maintain its upward trajectory, offering lucrative opportunities for those looking to capitalize on this thriving capital city.