Perth is a great place to buy and sell houses. It’s a city with lots of good reasons why you should choose it. With its thriving economy, enviable lifestyle, and diverse property market, Perth presents an irresistible proposition for homeowners and investors alike. Whether you’re looking to buy a house or sell one, Perth is a smart choice. Let’s explore why in this blog post.

Perth’s real estate market witnessed a historic moment in March, with the median house sale price surging by 2.5% to reach $620,000, as reported by REIWA. This remarkable growth wasn’t limited to houses alone; the median unit sale price also saw a healthy increase, rising by 1.2% to $420,000.

Cath Hart, CEO of REIWA, attributed this upward trajectory to the persistent demand for homes, driven by a significant population increase and limited housing supply. With Western Australia’s population soaring by 3.3% to over 2.9 million in the past year, the competition for established homes intensified, propelling prices upwards.

While there’s talk of Eastern States investors eyeing WA’s market, Hart emphasized that local buyers are often the ones willing to pay a premium, driven by emotional connections and long-term plans. This sentiment is reflected in the robust growth of house prices, up by 12.7% year-on-year, and unit prices, up by 5.0%.

The suburbs witnessing the most significant growth in house sale prices in March included Yangebup, Camillo, Beeliar, Mount Pleasant, and Belmont. Rapid turnover in the market, with houses selling in a median of eight days and units in ten, poses challenges for both buyers and sellers.

In such a competitive landscape, understanding the seller’s priorities becomes crucial for buyers. Factors beyond price, such as settlement timelines and conditions, play a significant role in making offers attractive.

Despite the market’s dynamism, listings remain low, with active listings settling at 3,654 by the end of March, a 48.7% decrease from a year ago. This imbalance between supply and demand continues to shape the rental market as well, with median rents rising to $649 per week in March.

With properties leasing at a rapid pace and vacancy rates remaining extremely low, the rental market mirrors the fervor seen in sales. Homes leased in a median of 15 days in March, indicating a high demand for rental properties.

As Perth’s real estate landscape continues to evolve, navigating these fast-paced markets requires diligence and strategic decision-making. Whether buying, selling, or renting, staying informed and adapting to market conditions is key to success.

This means that Perth’s real estate market is experiencing a significant upswing. The median sale prices for both houses and units have reached new highs, showcasing the city’s strong demand and attractiveness to buyers.

Factors such as population growth and limited housing supply are driving prices upward. The rapid turnover in the market suggests intense competition among buyers, while low inventory levels present challenges for those looking to sell.

Navigating Perth’s fast moving real estate market during this time, can be both thrilling and daunting.

If so, PWC Realty can work with you to bring clarity for you to Achieve Your Desired Outcomes?

PWC Realty offers years of past experience of strategies that work in this kind of market for both selling and buying.  

For those that are busy and overwhelmed – we certainly understand how you are feeling and have helped many sellers and buyers to cut through the overwhelm and feel supported to move forward and achieve their desired outcomes.

Are you an investor?

The rental market is also thriving, with rents increasing and properties leasing quickly.

At PWC Realty we are looking at growing our rental roll by another 10 properties in the next 3 months. 

We intend to keep the rent roll relatively small so we can give the properties in our care, the attention a saavy investor wants with good tenants, maintenance, regular rent and the little things that upgrade the rentability of a property. 

With these details taken care of, you have relaibility and you can rest in peace and be focused on your goal of building your property portfolio.