Perth Property Market Wrap-Up 2024: A Year of Resilience and Growth

As 2024 draws to a close, it’s time to reflect on what has been a dynamic and resilient year for the Perth property market. Despite economic challenges and shifting market conditions, Perth has proven its strength, delivering steady growth and strong buyer interest throughout the year.

Market Highlights

• Consistent Price Growth: Perth saw consistent home value increases, with the market rising by 2% in May alone — one of the highest monthly gains nationwide, according to CoreLogic data. This momentum underscored the city's appeal and resilience.
• Demand vs. Supply: A significant factor driving prices was the persistent lack of housing stock. Listings remained 40% below the five-year average, fuelling competition among buyers and supporting property values.
• Investor Interest: Investor activity surged in Perth, particularly from interstate buyers attracted by strong rental yields and the city’s long-term growth potential.
• Hot Suburbs: Suburbs like Wembley Downs, Yokine, and Claremont experienced heightened buyer demand due to their lifestyle appeal, local amenities, and proximity to the CBD.

Looking Ahead to 2025

As we enter the new year, the outlook for Perth’s property market remains positive. While interest rates and inflation pressures persist, limited supply and continued buyer demand should sustain market activity. Sellers will benefit from well-prepared homes that meet current buyer expectations, while buyers may find opportunities by staying alert to new listings.

Ready to Enter the Market in 2025?

If you're considering entering the property market in the new year, now is the perfect time to start preparing. Use the holiday season to research the market, consult with experienced agents, and get your property ready for a competitive market. A well-prepared home can make all the difference when it comes to achieving the best result.

Thank You from Contessi Properties

At Contessi Properties, we’re proud to have helped so many clients achieve their property goals this year. Whether buying, selling, or investing, we’re here to guide you every step of the way.

Wishing you a joyful holiday season and a prosperous 2025!

Paulette Contessi 

Director / Licensee

CONTESSI PROPERTIES