Perth property: Latest listings data reveals why Perth prices will continue to climb

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Perth property: Latest listings data reveals why Perth prices will continue to climb

Property price growth will continue to be fuelled by limited supply, with Perth recording the sharpest decline in total listings of all capital cities in the past year.

According to PropTrack, Perth also bucked the national upward trend in new listings year-on-year, instead recording a fall of 5.7 per cent.

Total listings fell 23.3 per cent in the past year, trailed by Adelaide with a 11.9 per cent drop and Darwin with a 3.5 per cent fall.

In contrast, Canberra recorded the highest increase in total listing during the same ******* with a 29.2 per cent jump, followed by Melbourne (up 23 per cent) and Sydney ( up 16.9 per cent).

Choice is also limited in regional WA, with new listing down 10.7 per cent in the year to June and total listings down 15.6 per cent year-on-year.

PropTrack Economic Research director Cameron Kusher said Perth was continuing to see a low rental vacancy rate, limited new housing supply being built and elevated demand for properties, particularly from investors.

“While prices have risen substantially making it attractive to sell, it is difficult for sellers to find somewhere else to buy, which could be discouraging people from putting their properties on to the market,” he said.

“A very similar trend is appearing in the regional WA market too. The lack of supply is continuing to support high property price growth.

“Price growth has moderated from recent peaks but the lack of stock coming to market is likely to result in persistent strong price increases.”

On a national level, new listings in June 2024 were the highest since 2017.

“The stronger new listing environment over the past 12 months has resulted in an increase in the total number of properties listed for *****, which is 7.3 per cent higher over the year,” Mr Kusher said.

“From here the listing environment will likely depend on how demand holds up.

“Lower taxes will increase borrowing capacities but that may be somewhat negated by expectations of interest rate cuts being pushed back much later.”

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