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Perth housing market update [video] | March 2024 - featured image
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Perth housing market update [video] | March 2024

Housing values posted a broad-based rise in February, with CoreLogic's National Home Value Index up 0.6%.

The rapid rate of capital gains across the Perth housing market is showing no signs of slowing down, with values rising a further 1.8% in February, on par with a cyclical high recorded in October last year.

Perth Housing Market Update | March 2024

The ongoing rise in values reflects a persistent imbalance between supply and demand, which varies in magnitude across the cities and regions.

Perth continues to stand out with a substantially higher rate of growth compared to any other region, up 1.8% in February, with Adelaide, Brisbane, and the regional areas of South Australia, Western Australia, and Queensland also showing a consistently high rate of capital growth month-to-month.

Rents are also rising substantially faster relative to other cities, with house rents up 13.5% and unit rents 16.5% higher over the past year.

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Demand is continuing to substantially outweigh supply, and this dynamic doesn't look to be changing any time soon.

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Despite the solid growth in Values, Perth is still a relatively affordable housing market compared with the other capital cities.

Potentially, we're starting to see some early signs of a boost to housing confidence, as inflation eases and expectations for a rate cut, or cuts, later this year, firm up.

The re-acceleration and value growth have been accompanied by a bounce back in auction clearance rates and in consumer sentiment.

Nationally, the estimated dwelling sales over the three months ending February were 4.7% above last year, with the capital cities a little stronger, tracking 6% higher than a year ago.

Relative to the previous five-year average for this time of the year, home sales are actually down 5% nationally and down 1.5% across the combined capitals.

You may also want to read:

National Housing Market Update [Video] 

Adelaide Housing Market Update [Video]

Sydney Housing Market Update [Video]

Brisbane Housing Market Update [Video]

Melbourne Housing Market Update [Video]

About Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au
12 comments

As the owner of several rental properties who regularly looks at the rental listings in my suburbs my experience is that there is a shortage of quality tenants, not a shortage of rental properties

1 reply

Where is the data around all of these Landlords exiting? You can't say this while saying "sellers are on strike" on all of your other charts. With rents at $550 for a Median House around 600k, we have the best yields. As an owner of multiple proper ...Read full version

1 reply

Cap rental increases, thats almost funny how about killing the spider rather than removing webs? the issue is the banking system, who in their right mind would allow any business to up payments on goods that have already been sold, once a home loan h ...Read full version

1 reply
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