Perth's Property Market Set to Skyrocket: Are You Ready to Ride the Wave?

Hello, home owners, house hunters and real estate enthusiasts!

I have some fresh numbers hot off the press that suggest people might be holding off even longer to wait for their property prices to soar. So, if you were thinking of selling this year and the recent headlines have made you take a breath and read on.

KPMG dropped some insights, and guess what? Perth's housing market is heating up, like, A LOT. They're thinking home prices here might jump nearly twice as fast as the rest of the country in the next nine months. In two years? We could be looking at a 17% increase.

To break it down, Perth's median house price now is around $638,000. By June 2024? KPMG thinks it might touch $690,000. That's some serious growth, folks!

And while Perth's making moves, it's set to leave other Aussie cities in the dust. Most cities are aiming for an average growth of about 4.9%.

But let's not forget the rest of Australia. Over the same period, house prices across the country might rise by an average of 9.4%. And a special shoutout to Hobart and Melbourne! In the 2024-25 fiscal year, they're expected to grow by 14.2% and 12% respectively. Why? Things like more people moving in, maybe some interest rate cuts, easier lending rules, and a few roadblocks to new houses coming up are playing a part.

In all this hype everyone has to remember, whilst your home price is increasing, so is the next home you are thinking of buying. So if you're ready to make the move, do it because you're looking to start your next home journey, don't let the prevailing winds of economic change make it for you.

Paulette Contessi 

Director/ Licensee

CONTESSI PROPERTIES