The Perth property market is on the move. With rising demand, steady growth, and challenges for buyers, it’s a market full of opportunities and risks.
Here’s a closer look at what’s happening, what’s working, and where the future hotspots are.
The Good: Top-Performing Suburbs in Perth
Several Perth suburbs have demonstrated remarkable growth in median house prices over the past year.
The following table highlights these top performers:
| Suburb | Median House Price | Annual Price Growth (%) |
|---|---|---|
| Bullsbrook | $550,000 | 33.5 |
| Woodbridge | $838,500 | 33.1 |
| Gwelup | $1,350,000 | 27.1 |
| Armadale | $400,000 | 27.0 |
| Parmelia | $450,000 | 26.8 |
| Cooloongup | $501,000 | 26.5 |
| Camillo | $423,500 | 26.4 |
| Shelley | $1,175,000 | 26.3 |
| Alfred Cove | $1,208,000 | 25.8 |
| Midvale | $465,000 | 25.7 |
These suburbs have benefited from factors such as affordability, infrastructure development, and increased buyer interest, contributing to their substantial price growth.
Why Buyers Are Still Interested
Perth is still one of Australia’s more affordable capital cities, even as house prices rise. Over the past 12 months, the median house price in Perth has reached new heights.
For sellers, this means a strong rate of growth in sale prices.
Demand is climbing for houses and units across the city. A combination of population growth and limited supply is driving up house sale prices. Suburbs closer to the city are seeing particularly fast growth.
For additional expert advice, take a look at this in-depth guide to buying a house in Perth.
Why Perth Is Growing:
- Population Growth: Western Australia’s strong economy and migration are bringing in more residents.
- Supply and Demand: Limited housing options are driving competition, pushing up Perth house prices.
- Low Cash Rate: Even with small increases, borrowing remains affordable for many buyers.
- Some buyers may be purchasing at the peak of the market, particularly in cheaper Perth suburbs where investors have driven prices ahead of broader trends.
Discover the best suburbs in Perth for further insights into where to invest.
The Bad: Underperforming Suburbs in Perth
Conversely, some suburbs have experienced declines in median house prices. The table below outlines these areas:
| Suburb | Median House Price | Annual Price Decline (%) |
|---|---|---|
| Glendalough | $260,000 | -23.0 |
| North Fremantle | $845,000 | -8.4 |
These declines may be attributed to factors such as market saturation, decreased demand, or economic shifts affecting buyer confidence.
Challenges in the Perth Property Market
The rising price of houses in Perth hasn’t been good news for everyone. For home buyers, especially first-time buyers, it’s getting harder to keep up.
Affordability is becoming a problem, as wages aren’t rising as quickly as property prices.
Future Hotspots in Perth
Here’s a list of Perth’s standout suburbs, based on recent trends:
| Suburb | Median House Price | 12-Month Growth (%) | What to Know |
|---|---|---|---|
| Baldivis | $485,000 | 7% | Great for families, with new estates. |
| Joondalup | $620,000 | 6% | A hub for schools and healthcare. |
| Scarborough | $975,000 | 8% | Coastal living with lifestyle appeal. |
| Wanneroo | $450,000 | 5% | Affordable homes with steady growth. |
| Applecross | $1,350,000 | 9% | High-end homes with stunning river views. |
The Perth property market is evolving, with opportunities for those who can act quickly. Whether you’re buying a house in Perth or selling, understanding the housing market is key to making the right move.
To explore properties available for sale in Perth, check out this search page.
What Are People Asking About the Perth Property Market?
Are house prices falling in Perth?
Perth’s housing market has been experiencing significant growth, with house prices rising steadily. In October 2024, dwelling values increased by 1.4%, contributing to a 22.6% rise over the past year.
Which suburb is booming in Perth?
Several suburbs have shown notable growth. Armadale, for instance, saw a 42.9% increase in house prices over the past year.
Is now a good time to buy property in Perth?
Given the current upward trend in property values and strong buyer demand, now appears to be a favorable time to consider purchasing property in Perth. However, it’s essential to conduct thorough research and consult with local real estate experts to make informed decisions.
How much will Perth property prices be in 2025?
Perth’s property market is projected to continue its upward trajectory into 2025. Forecasts suggest that the median house price could reach between $750,000 and $856,000 by the end of 2025, depending on various economic factors.
