Categories: Perth Property Market

by Regalvale Valuations

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Categories: Perth Property Market

by Regalvale Valuations

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REIWA chief executive Cath Hart stated that the market is breaking records due to a shortage of homes and a strong economy:

  • The median house sale price rose by 13.6% to $625,000 over the past year.
  • She predicts a possible 20% growth in the market from January to the end of 2024.
  • Building completions are increasing but not enough to meet demand.
  • She expects unit prices to continue rising in 2024, possibly surpassing previous peaks.
  • Median rent for houses and units reached $650 per week, up 18.2% from March 2023.
  • REIWA Predicts a 20% increase in rents for the year due to a record low vacancy rate of 0.4%.
  • Rental listings remained low, staying below 2000 over the quarter.
  • Strong population growth and low supply are driving rents up.
  • “Some agents are reporting a slowdown in demand at the higher end of the market, however, it remains strong in the more affordable price brackets,” Ms Hart said.

Source: The West Australian 29 April 2024

For the latest updates and insights, follow Regalvale Valuations with Keith Barry on LinkedIn, or to obtain a residential valuation visit our website: www.regalvaluations.com.au.

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