Western Australia’s Real Estate Secret: What’s Driving the Nation’s Hottest Market?
CoreLogic’s latest Home Value Index (HVI) report highlights significant trends shaping Western Australia’s property market. WA stands out with robust property growth, defying broader national slowdowns. As 2024 closes, here’s a look at what the data reveals and what it means for buyers, sellers, and investors.
WA Leads the Nation in Property Growth
Perth continues to outperform other capital cities, recording a 1.1% rise in property values in November and a 3.0% increase over the quarter. This brings Perth’s annual growth to a remarkable 21%, cementing its status as the country’s top-performing market.
The regional WA market is also thriving, with a 3.3% quarterly increase in dwelling values. Areas like Bunbury and the Augusta-Margaret River region are particularly strong, driven by lifestyle demand and relative affordability.
Supply and Demand Dynamics
Despite impressive growth, Perth’s housing market faces challenges in balancing supply and demand. CoreLogic notes a significant 33% increase in listings during spring, the highest seasonal surge among the capitals. However, this rise in supply comes off a low base, with total stock levels still below the five-year average. As an example as at the time of writing (2 December) there are 5,055 properties available for sale whereas 10 years ago in December 2014, there were 12,007.
The influx of listings is not fully matched by purchasing activity, which has softened nationally. In WA, however, buyer demand remains comparatively resilient, supported by population growth and employment opportunities in the state’s resource sector. Last week, there were 1,027 sales, therefore the current listings only represent approximately 5-weeks of supply.
Rental Market Insights
WA’s rental market remains tight, with Perth recording the highest annual growth in house rents (8.7%) and unit rents (9.7%) among all capitals. High rental yields, particularly in regional areas, continue to attract investors, though the pace of rental appreciation is beginning to moderate.
What’s Next for WA Property?
As the national property upswing slows, WA appears well-positioned to weather challenges in 2025. While interest rates and affordability concerns may temper growth, the state’s strong fundamentals—such as ongoing infrastructure investment and a robust economy—provide a solid foundation for sustained activity.
Your Property Journey Starts Here
At Proteger Financial Solutions, we’re here to help you navigate WA’s dynamic property market. Whether you’re planning to buy, sell, or invest, our expert team can provide the insights and strategies you need to make confident decisions.
Contact us today to discuss your property goals and take the next step with clarity and confidence.
