Perth’s real estate landscape witnessed a remarkable milestone in March as the median house sale price soared to an unprecedented high of $620,000, as per the latest data from REIWA.
The surge wasn’t confined to houses alone; the median unit sale price also experienced a notable uptick, climbing by 1.2 per cent to $420,000.
The main causes of Perth’s rising property prices
The steady influx of residents to Western Australia, coupled with a housing supply that falls short of meeting the burgeoning demand, propels individuals towards the established homes market as they seek shelter.
This heightened demand results in fierce competition among buyers, thereby driving prices upwards. Notably, house prices witnessed an impressive 12.7 per cent year-on-year increase, with unit prices not far behind at 5.0 per cent.
Contrary to popular belief, the surge in prices isn’t solely fuelled by Eastern States investors. Local buyers are often the driving force behind premium offers. While investors from the Eastern States are eyeing opportunities in Western Australia, attracted by the relatively affordable housing and promising yields, it’s the emotional attachment and long-term plans of local buyers that often lead to higher bids.
Unveiling Perth’s Rising Stars in Real Estate for March 2024
The suburbs that experienced the most substantial growth in house sale prices in March 2024 include Yangebup, Camillo, Beeliar, Mount Pleasant, and Belmont, showcasing the diverse appeal of Perth’s real estate market.
Understanding Perth’s Rapid Real Estate Turnover
Time on the market remains a key indicator of the market’s vibrancy. Houses flew off the shelves in a median of eight days in March, maintaining the pace from February and significantly faster than the same period last year. Similarly, units recorded a median selling time of 10 days, demonstrating the high demand for established properties.
With properties selling at such a rapid pace, both buyers and sellers face unique challenges. Buyers must adopt a proactive approach, leveraging online resources, registering with local agents, and considering alternative strategies to secure a property in this competitive landscape. Conversely, sellers must navigate the dilemma of swiftly finding new accommodations post-sale.
We’re here for your property conveyancing needs
At Mosaic Settlements, we recognise the importance of having a skilled settlement agent by your side throughout the buying or selling process. Our team of professionals understand Perth’s real estate market dynamics and are committed to providing personalised, efficient, and reliable settlement services.
Whether you’re a first-time buyer entering the market or a seasoned investor looking to capitalise on emerging opportunities, enlisting the assistance of a knowledgeable settlement agent can make all the difference. From ensuring smooth transactions to offering valuable insights and guidance, Mosaic Settlements is here to support you every step of the way.
Reach out with confidence
Contact us today to learn more about how our expertise can help you achieve your real estate goals in Perth’s thriving market. With Mosaic Settlements, your property journey is in trusted hands.
