New Proptrack data reveals Perth housing market has outperformed every other capital city

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New Proptrack data reveals Perth housing market has outperformed every other capital city

The Perth housing market has skyrocketed more than 20 per cent in the past year as it continues to outperform every other capital city in the country, new data has revealed.

Competitive conditions including tight supply and huge buyer demand have fuelled massive price growth, according to the latest PropTrack home price index.

The WA capital comes out on top for both monthly and annual home price growth at 0.79 per cent and 23.24 per cent, respectively.

Perth’s annual growth was 3.5 times that of the national growth across all capital cities at 6.49 per cent.

Despite an increasing number of homes on the market in Perth, the tight conditions remain as new listings are quickly snapped up and total housing stock ******** well below the five-year average.

It means Perth sellers are poised for a strong advantage as they gear up for the spring selling season.

Regional WA also outshone other regional areas, up 14.95 per cent for the year — nearly three times the nationwide annual regional growth at 5.32 per cent.

Camera IconAnnual growth for each *********** capital city. Credit: PropTrack

Perth has led the market in terms of price growth since the onset of the COVID-19 pandemic, rising a whopping 75.8 per cent since March 2020.

Regional WA home prices surged by 67.9 per cent over the same *******.

PropTrack senior economist Eleanor Creagh said home prices nationally have seen 20 consecutive months of growth and they won’t be stopping any time soon.

“Although the number of homes hitting the market this year has lifted, strong population growth, tight rental markets and home equity gains are bolstering demand,” Ms Creagh said.

“Meanwhile, building activity ******** challenged, exacerbating a chronic shortage of housing.”

She said the July tax cuts boosted buyers’ borrowing capacities and budgets, likely further pushing many to overcome any “affordability challenges”.

“Home prices are expected to lift as activity ramps up into the spring selling season,” Ms Creagh said.

“However, the expected uplift in choice, the uncertainty around timing of interest rate cuts and affordability constraints are likely to dampen the pace of price growth.”

The only other two capital cities with annual growth in the double figures were Adelaide (15.12 per cent) and Brisbane (13.95 per cent).

After Perth, Hobart (0.63 per cent) and Adelaide (0.45 per cent) had the strongest growth in August.

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