Perth continues unstoppable run of property price growth in July

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Perth continues unstoppable run of property price growth in July

Perth’s red hot property market appears to be on an unstoppable run of house price growth, defying the traditionally quiet winter months to reach a new price peak in July.

The latest PropTrack Home Price Index has revealed the WA capital recorded a further 0.88 per cent increase in property values in July, marking 24 consecutive months of home price growth.

Not only was this the highest monthly increase in the country, it brings Perth’s annual growth rate to 22.77 per cent, exceeding every other capital and more than trebling Sydney’s annual growth rate of 6.14 per cent.

House prices are up 35 per cent in just two years and an extraordinary 72.2 per cent since the start of the pandemic.

This week, WA’s leading real estate body REIWA predicted house prices could reach $740,000 by the end of next year if it continued its growth trajectory but PropTrack, which uses a different index to calculate medians, now has the city’s median value at $736,000.

“Perth ******** the hottest market. Relative affordability following a long ******* of price falls before the pandemic is supporting price growth across Perth,” PropTrack senior economist Paul Ryan said.

Mr Ryan said the city had exceeded PropTrack’s expectations compared with its forecasts in December last year.

“We expected prices to increase by 5 to 8 per cent this year and we already have prices up 11.4 per cent in 2024 year to date,” he told The West ***********.

He said relative affordability remained the key driver of prices in Perth, yet prices were still noticeably below that of other major capital cities.

“Price growth in Perth over a longer ******* has still under-performed the other capitals, so we can see relative affordability supporting prices over the coming *******,” he added.

Mr Ryan said PropTrack was expecting a moderation in price growth in Perth over the next 12 months but still for the market to lead the country for growth and post double-digit increases.

“Our expectation for annual growth is 8 to 11 per cent over the financial year to June 2025,” he said.

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