Perth’s real estate market is experiencing an extraordinary surge in 2024, with median house prices demonstrating unprecedented growth and resilience. Here’s a comprehensive breakdown of the city’s housing market trends.
Market Performance Highlights
Perth’s median house sale price has rocketed to $688,000, representing a remarkable 20.7% year-on-year increase2. This phenomenal growth is driven by several key factors:
Key Growth Drivers
- Strong population increases
- Constrained building industry
- Low unemployment rates
- High consumer confidence
Detailed Market Insights
House Price Trajectory
- As of June 2024, median house price reached $668,0001
- 11.3% increase since December 2023
- 22.6% higher than the previous 2014 peak of $545,0001
Top Performing Suburbs
The most impressive suburb performers in August 2024 include:
- Willetton: Up 5.6% to $1,125,000
- Westminster: Up 4.2% to $565,000
- Mindarie: Up 4% to $1,050,000
- Thornlie: Up 3.1% to $630,000
- Armadale: Up 2.7% to $488,0002
Market Dynamics
REIWA CEO Cath Hart notes the market is “experiencing extraordinary conditions, with no signs of easing in the short term”2. The current market is characterized by:
- Multiple offers over asking price
- Strong open home attendance
- Rapid property sales (median of 9 days)2
Rental Market Trends
The rental market has also shown significant movement:
- Median weekly house rent: $650
- 12.1% increase year-on-year
- Rental market showing signs of stabilization2
Long-Term Perspective
While the current growth is exceptional, historical data provides context. Over the past decade, Perth’s house prices have grown modestly but steadily:
- 10-year total growth: 8.37%
- Recent acceleration in first two months of 20244
Future Outlook
Experts predict continued growth, with REIWA suggesting potential for a 20% increase in median house sale prices throughout 20243. The combination of strong economic fundamentals and limited housing supply suggests the Perth property market will remain robust.
