Perth Suburbs Drive Record Housing Growth Across Australia

The Perth Suburbs Record The Greatest Housing Growth Across Australia

                                        Perth Home Price Growth

Australia’s property market has increasingly surprised industry players, with Perth eyeing to be at the frontline in house price appreciation growth for the year 2024. Findings obtained from CoreLogic’s annual Best of the Best Report indicate that not only did the suburbs of Perth top the capital city rankings but also performed well in the face of numerous economic headwinds.

Perth Home Price Growth chart: Year-to-July 2024 Trends Highlighted by ABS Statistical Area Regions, Showing Significant Variations in Property Value Increases.

Perth Leads the Pack

This chart will help you understand Australia's Property Price Growth: 2023 Performance and 2024 Forecasts Across Major Cities and Regions.

All suburbs in Perth recorded positive appreciations in house prices, with Bellevue being the best among the other 9 suburbs which appreciated by up to 36.9% bringing up the median range to around 674,768 dollars. Close followers were other suburbs like Balga and Stratton which all appreciated above 34%, raising the median prices to above 619,000 dollars.

With the growing economy of the city, it has become attractive for not only first-time buyers but also experienced investors. Half of the suburbs of Perth have a current median house value of less than 661,000 dollars which is way lower than the average national figure which makes it appealing for property investors.                      

Regional WA Shines

The positive trend, however, was not restricted to Perth’s metropolitan areas. The performance of Regional Western Australia was better when compared to all other regional markets with Beachlands being at the forefront. Beachlands’s median house price went up by 38.4% to a whopping $391,659. Other well-performed regional suburbs were Beverley, Wonthella, and Karloo which are representative of demand across Western Australia’s housing markets.

Challenges in Other Capitals

Perth certainly moved on, but troubles continued to befall Melbourne. The value of Houses in the capital of Victoria underwent a negative change of -2.3%, and that made it one of the capital city markets with the worst performance. Regions of Victoria including suburbs exhibited similar tendencies, more particularly Venus which went through a value decline of 15.4%, the highest across the entire country.

As stated by Eliza Owen, CoreLogic’s Head of Research, “The strength of the market that existed at the beginning of 2024, weakened progressively as the year wore on for a combination of factors including low demand, high quantity of supply, and unfavourable prospects for inflation and interest rates.

The Bigger Picture

In 2024 the Australian property market was characterized by a high degree of variability within the states and regions. Even among the expanding cities such as Perth, Brisbane, and Adelaide, the rate at which they made quarterly increases reduced in rate towards the end of the year indicating the possibility of a cycle lull. These trends should see upturns that would bosom weaker markets in 2025 even though Melbourne is only struggling to recover.

What This Means for Investors

Perth's exceptional expansion emphasizes a distinct opportunity for investors who aim to take advantage of low-cost and high-yield returns. Rural locations in Australia in general, and especially Western Australia, are emerging hotspots given their strong performance and further promise.

Investors are advised to take into consideration the long-term trends, be more diversified in their investment approach, and engage specialists to assist them in teaming up with the shifting market dynamics in this way or another.

As Perth’s suburbs lead the charge in house price growth, OM Financials is ready to help you seize the moment with tailored financial solutions designed for success.

Book a call with us today to explore the best suited loan option for you.