Great news for Perth property owners, rise by up to 7% in 2023

As Perth property owners the years between 2010 and 2020 was a cold desolate place with prices stagnate for over 10 years, so the figures released by PropTrack are much welcomed.

Based on the latest Property Market Outlook Report released by PropTrack, it is anticipated that home prices will see a nationwide increase between 2% and 5% this year, with most major cities expected to experience gains.

This prediction comes after a robust rebound in home prices throughout 2023, as indicated by PropTrack's Home Price Index, which recorded seven consecutive months of price rises until July.

Perth is projected to have the most significant price gains, with prices expected to rise between 4% and 7% this year. Following closely are Sydney and Adelaide, where prices are anticipated to grow between 3% and 6%. Brisbane and Canberra are predicted to see modest increases, ranging from 1% to 4%, and 0% to 3%, respectively.

The price expectations for Melbourne are less certain, with a potential decline of 1% to a growth of up to 2%. Conversely, Darwin and Hobart are expected to experience either declines or stagnant prices, with potential decreases of up to 3% and 6%, respectively.

As of July, national property prices were only 1.44% below the peak recorded in March 2022. The period from the start of the pandemic in March 2020 until March 2022 saw a remarkable surge in home prices, with an increase of nearly 35%, representing one of the fastest periods of price growth in history.

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