It’s not the news buyers might want to hear, but it was inevitable with such low stock levels.
Perth property prices rose 1.3% in May.
According to CoreLogic, that brings the quarterly change in Perth dwelling values to 2.4%.
Given the recent monthly trends, Perth’s price recovery for 2024 looks firmer, but there’s still uncertainty around the impact of possible further interest rate rises.
As more fixed-interest rate loans reach term in the second half of the year, we’ll get a better idea of the extent to which interest rate rises are biting. But CoreLogic Research Director Tim Lawless said:
…a material lift in motivated sellers seems unlikely.
Why? Because of tight labour conditions and healthy levels of household savings. That ties in with what we’re seeing on the ground – homeowners are choosing to bunker down.
Those looking to make a move might want to take advantage of the current uncertainty and do it now. CoreLogic predicts that once interest rates start reducing, we could see momentum gather in the market.
With Perth’s median house price well below all capital cities except Darwin, we see the potential for long-term upside.
Check out the list of median capital city values below:
- Sydney $1,052,810
- Canberra $825,053
- Melbourne $755,871
- Brisbane $713,939
- Hobart $655,403
- Adelaide $654,767
- Perth $580,023
- Darwin $491,386
Do we deserve to be the most expensive capital city in Australia like we were in 2006? (Fact). Of course not. But cheaper than Adelaide? C’mon!
So if you’re curious about the current value of your home, and what it would mean to make a move, give us a call. You might decide to make the leap after all.