Wondering where to buy property in Perth and Western Australia in 2024? Whether you’re a hopeful first-time homebuyer or a keen investor, the local real estate scene is buzzing with opportunities that might catch your eye.
Last year, the property market in Perth showed impressive growth, with some suburbs dramatically outperforming others. Meanwhile, regional WA held its own with strong performance in select areas.
Knowing where to invest or buy isn’t just about following the crowd. It’s about understanding which areas are gaining attention and why.
Are there new infrastructure projects lifting property values? Is a particular suburb becoming a magnet for families because of its great schools and amenities? These trends provide crucial clues that can help you make a well-informed decision.
So, let’s get into what’s making some areas in Perth and WA popular choices right now. Stick with us as we unfold the places that are drawing interest for their vibrant potential and promising outlook in the ever-evolving property market of Western Australia.
Review of the 2023 Property Market
In 2023, Perth’s property market really turned some heads with its impressive growth. Dwelling values in the city jumped by a solid 15.2%, with the median property price reaching up to $660,754.
It wasn’t just a fleeting spike; the growth was consistent throughout the year, peaking with houses in Perth advancing by 15.5% to a new median of $691,100 by year-end.
Even units, often slower to climb, saw a healthy rise of 12.4%, landing at a median price of $464,380. This surge was underpinned by robust demand and a final quarter that hinted at even more growth ahead.
Turning our gaze to regional WA, the vibes were similarly upbeat but with a touch of moderation. Overall, properties in these areas enjoyed an 8.4% increase in their value across the year. Specifically, houses edged up 8.2% to $477,690, and units, finding a surprising burst of energy, jumped 10.9% to reach $321,852.
Among the standout performers were Albany, Bunbury, and Busselton, where properties were flying off the market. These towns not only saw rapid sales but also showcased some of the quickest selling times in the state—18, 19, and 20 days on the market, respectively. Bunbury even boasted a strong three-month growth rate of 4.6% leading into October.
This robust market activity in both Perth and the broader Western Australian region underscores a growing confidence and continued interest in the state’s real estate prospects, making it a focal point for both investors and homebuyers looking to capitalize on the upward trends.
Forecast for 2024
Looking ahead to 2024, the property market in Perth and across WA seems poised for another exciting year. Experts are buzzing with positive forecasts, and it’s not just blind optimism due to continuing population and immigration pressures.
Analysts like those from SQM Research and REIWA are predicting growth, although perhaps a bit more tempered compared to last year’s impressive numbers.
For instance, SQM Research suggests that Perth’s housing market could see an increase ranging from 5% to 9%. That’s a bit cooler than 2023 but still pretty robust.
Similarly, REIWA is even more bullish, expecting house prices might jump by around 10%. Domain weighs in with a slightly cautious viewpoint, projecting a 6% to 7% rise for houses and a softer growth for units at just 1% to 2%.
What’s fuelling these expectations? Several factors are at play. Firstly, the rental market in Perth is tight—really tight. With a vacancy rate hovering under 1%, rents are likely to keep climbing, which is great news for landlords. This tightness is partly driven by the consistent demand from both international and interstate migration, spurred by WA’s growing population.
Another big influencer is the global commodities market. WA’s economy, heavily tied to resources like mining, benefits when commodity prices are strong, boosting employment and, subsequently, housing demand.
Moreover, Perth’s minimal exposure to fluctuating sectors like financial services means its job market might be more stable than other capitals, providing further support to the property market.
All in all, 2024 is shaping up to be another promising year for property in Perth and wider WA. Whether you’re looking to buy your first home or invest, keeping an eye on these trends could help you make a smart move in the market.
8 Suburbs to Consider in Perth
1. Wanneroo
Wanneroo is quickly evolving into a thriving independent city, appealing greatly to families, individual tenants, and students due to its proximity to both Perth CBD and Joondalup.
Check out Wanneroo Statistics on Real Estate
2. Alkimos
For those in search of coastal serenity, Alkimos presents an enticing option. Located to the northwest of the city, Alkimos offers beautiful beach views and natural surroundings. It’s an in-demand area, especially after improvements in transportation links like the Mitchell Freeway extension.
Check out Alkimos Statistics on Real Estate
3. Carramar
Carramar is where nightlife, essential amenities, and family privacy converge. It’s particularly attractive for its comprehensive local facilities including a golf estate and shopping precincts. The investment property average price up.
Check out Carramar Statistics on Real Estate
4. Joondalup
A hub for students and cultural activities, Joondalup is known for its accessibility to educational institutions and healthcare facilities.
Check out Joondalup Statistics on Real Estate
5. Ellenbrook
Chosen frequently by families, Ellenbrook features modern amenities such as parks, schools, and shopping areas. It’s a great suburb for those who value community and family-friendly environments.
Check out Ellenbrook Statistics on Real Estate
6. Northbridge
Just a stone’s throw from Perth’s CBD, Northbridge is ideal for young professionals and cultural enthusiasts. It boasts a vibrant art scene and varied dining options.
Check out Northbridge Statistics on Real Estate
7. Orelia
Orelia is noted for its affordability and strong investment returns. It’s part of the economically priced Kwinana area, with a median rent price haveing climbed substanitally like most WA locations in the past few years.
Check out Orelia Statistics on Real Estate
8. Brabham
Situated in the City of Swan, Brabham is known for its rapid growth and proximity to attractions like Whiteman Park. It has a median rent price of $508 weekly and offers a rental yield of 5.9%, making it an appealing option for those looking for green spaces and family-friendly amenities.
Check out Brabham Statistics on Real Estate
9. Checkout 350 More Suburbs Across Perth
Perth has so many suburbs across it that you need to do your research and locate a suburb that has the lifestyle and work access you need.
Regional Hotspots for Investment
When it comes to investing in property outside of Perth, there are a few regional hotspots that are showing some really promising growth. Let’s take a closer look at areas like Bunbury, the Wheat Belt, and the Augusta-Margaret River-Busselton region, which are popular areas.
Bunbury is really starting to make waves as a key player in the regional property market. Just a couple of hours’ drive from Perth, this community has seen a substantial uptick in its property values thanks to its beautiful coastal setting and expanding local economy. It’s not just about the scenic views; the area’s improving amenities and infrastructure are drawing more people to live and invest there.
Moving inland, the Wheat Belt offers a different kind of appeal. This expansive agricultural region is attracting attention due to its affordable property prices and the potential for steady rental yields. It’s an area known for its vast open spaces and strong community spirit, making it ideal for those looking to invest in a quieter, more rural setting.
Then there’s the Augusta-Margaret River-Busselton region, which is a standout when it comes to growth. This area is famous not just for its wineries and stunning landscapes but also for its rapidly growing property market.
Thanks to its popularity as a tourist destination and a beloved locale for lifestyle seekers, property values here have been climbing. The demand is fueled by both short-term holiday rentals and long-term residential growth, making it a hot spot for investors looking for diverse opportunities.
Property Investment Tips for 2024
If you’re thinking about diving into property investment in Western Australia in 2024, there are a few key factors you’ll want to consider to make sure your investment pays off.
Let’s break down some of the essentials like rental yields, demand, future development plans, and the ever-important due diligence.
- Rental Yields: First off, keep an eye on the rental yields of properties. This is crucial because a high yield means your investment is working hard for you. Areas with consistently high rental demand, like those close to universities or major business districts, tend to offer better yields.
With higher interest rates, getting a good yield is important to offset the cashflow losses in managing a rental. By making your property safer (security), cooler (Air Con), cheaper (solar) and more attractive (maintenance), you can ask for more rent. - Demand: Speaking of demand, it’s vital to gauge the popularity of the area. Is it attracting new residents? Are businesses setting up shop there? Places with growing employment opportunities or those in the midst of development booms are usually hotspots for property investment.
Most of Perth is in demand due to the record low vacancy rates - Future Development Plans: Also, look at what’s planned for the area. Future developments like new shopping centers, public transport links, or schools can boost property values significantly. Keeping abreast of such plans can give you a leg up in choosing an investment location with potential for capital growth.
Bear in mind that touted future developments can take 10 plus years to arrive often times. - Due Diligence: This is where the nitty-gritty comes in. Before you commit to buying, really dig into the specifics of your chosen property and its surroundings. How does it compare in price to similar properties in the area? What’s the condition of the property, and what are the potential costs of any necessary renovations?
By constantly researching, you will understand value when you see it. - Factors to Watch: Consider factors like proximity to infrastructure and schools. Properties near major transport hubs, hospitals, or schools often hold their value better and are easier to rent out. This is especially true in family-oriented communities where accessibility to schools and parks is a priority for most residents.
Key Takeaway
As we’ve explored, Perth and Western Australia’s property market is rich with opportunities, from the bustling urban sprawl to tranquil regional hotspots. Understanding these trends and identifying the right places based on growth, demand, and future potential is key to making wise investment choices.
For those looking to dive into the property market, remember: informed decision-making is your best tool. Whether you’re a first-time homebuyer or a seasoned investor, using tools like property value estimators and seeking expert advice can make a huge difference.
These resources help clarify the often-complex property landscape, ensuring you’re well-equipped to make decisions that align with your financial goals.
If you’re ready to take the next step, then having a settlement agent for your property purchase or sale at the ready to answer your questions and professionally process your sale is important. Why not try our friendly and approachable team at Jacaranda Settlements because we’re not just experts in the field; we’re also settling properties across WA daily and can answer any of your quesions..
Visit us at Jacaranda Settlement Agents to learn how we can help you navigate your property settlement needs smoothly and successfully.
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