The Dynamics of Perth's Real Estate Market: A Deep Dive

Perth’s property market is booming. It’s recently hit a record-high median house price of $708,000, has seen a 12.7 per cent year-on-year increase, and has Australia’s second-lowest vacancy rate at just 0.86 per cent.

All of this has made property in Perth more attractive than ever.

So, if you’re interested in making some sound investments in Perth’s property market, this article should be pretty useful. Here’s what you need to know about Perth’s real estate market, with a deep dive by the property experts at Patrick Leo:

Why Perth?
In 2023, news outlets were covering the possibility of a potential housing shortage in Perth, yet with over 53,000 home sales in the city, it’s clear that there are plenty of houses for investors to get their hands on.

There are several reasons why Perth should be strongly considered for your next investment move:

• Liveability:

  Perth is consistently ranked as one of the most liveable cities in the world, often cracking the top 10 due to its economic stability, high quality of life, healthcare, education and infrastructure.

• Affordability:

  Perth is Australia’s 3^rd most affordable capital city for houses, behind Hobart and Darwin, presenting great value for a major city with nearly 2 million inhabitants.

• Lifestyle:

  Perth has solid public transport systems with beautiful beaches, a pleasant year-round climate, sporting venues and a burgeoning arts scene.

• Infrastructure upgrades:

  Perth is currently undergoing several billion dollars’ worth of infrastructure upgrades, including a $6 billion transport investment in the Metronet project.

Perth median home prices

Perth presents as one of Australia’s most affordable capital cities in terms of house and unit price:

• Perth median house value: $708,335
• Median unit value: $475,011

Perth is also Australia’s stand-out performer in terms of capital gains. Over the past 12 months, Perth home prices have increased by an average of 16.7 per cent. There’s plenty to suggest this growth will continue its strong trajectory, with demand for housing greatly outweighing supply.

Should I invest in Perth real estate right now?
While there’s no ‘perfect’ time to buy, investment in Perth real estate is strongly recommended by several experts in Australian property – including the team at Patrick Leo.

If you’re interested in buying an investment property to suit your personal financial goals, get in touch with the team at Patrick Leo. We’re a team of property-buying professionals, with skilled researchers and negotiators to help you secure the property you’ve been on the hunt for since the beginning. Our team sits down with you, learns about your position and your goals and finds the best property for your needs. Start the conversation with Patrick Leo and say hello to a wealthier, happier you.