December 2023 Quarter - Perth
- Posted By Chris Nicholson
Perth's housing market is experiencing remarkable growth, driven by strong net interstate migration, increased interest from buyers priced out of other capitals, and a tight rental market. This dynamic environment has propelled house prices to new heights and spurred significant gains in the unit market.
For the fifth consecutive quarter, Perth's house prices have risen, reaching another record high. This latest increase marks the steepest quarterly rise in three years and the fastest growth among all capital cities, pushing annual gains to a 2.5-year peak. The city's property market has a history of rewarding homeowners generously, reflecting a robust and ongoing recovery.
In the unit market, prices have also risen for the third straight quarter, achieving the fastest quarterly gain since March 2021 and pushing annual increases to a two-year high. Despite this upward trend, unit prices are still 8.3%—or nearly $35,000—below their previous peak from 2014. The price volatility observed in recent years continues, though house prices remain notably higher, with a record gap of 92% more expensive than units.
Perth's real estate sector continues to showcase impressive performance, with house prices setting new records and unit prices also experiencing notable growth. While the market for units remains more volatile, the disparity between house and unit prices underscores the strong demand and ongoing recovery within the city's housing market.