Hi there, Perth property enthusiasts!
Buckle up, because we’re diving into the Perth property market’s September 2023 performance, and let me tell you, it’s sizzling like chorizo on a barbie!
The CoreLogic scoop
According to CoreLogic, Perth was among the top three performers in September, recording a 1.3% growth. In the year to September, Perth was the strongest-performing capital city in the country, with dwelling values rising 8.8%. So, if you’re here in Perth, give yourself a pat on the back; you’re in the property market’s VIP lounge (finally!).
The market’s hotter than a Perth Summer
First off, let’s talk numbers. The median house price in Perth soared to $570,000 in September, according to REIWA. That’s 4.6% higher than the previous record set in 2014-15. If the property market were a cricket match, Perth would be smashing sixes left, right, and centre!
Time to sell? Blink and you’ll miss it!
The market’s so hot, homes are flying off the shelves faster than a super chilled Rose on a 35 degree day. The median time to sell a property dropped to a record low of just nine days. Nine days, folks! That’s less time than it takes to binge-watch the latest season of your favourite show. If you see something you love, you need to be ready to go!
How low can you go?
Listings for sale dropped below 5,000 at the end of September – the lowest level since Meatloaf’s “I’d Do Anything for Love (but I Won’t Do That)” was number one in the Australian Charts, 30 yards ago. Enough said.
Units: The stable mates
While houses continue to be the life of the party, units are the designated drivers, keeping things steady. The median unit price held its ground at $400,000, a smidge lower than last year but still rock solid.
At Red Fox, we think unit prices are now trending upward in Perth’s inner north, so just be aware that the figures quoted reflect the market overall. What’s happening in one suburb can be completely different from another.
If you’re looking for the next big thing, keep an eye on Halls Head, Embleton, and Hillarys. These suburbs are showing growth faster than a backyard wattle in spring.
Rentals: The high-rollers
Renting in Perth? You’re likely feeling the pinch. Median weekly dwelling rent remains at a record $580 per week overall – unchanged from August. That said, Highgate (30% growth) and Inglewood (26% growth) recorded massive rent hikes in September – both suburbs enjoy premium proximity to amenities and the city, and thanks to their small size limited availability. If you’re an investor, they could be your golden ticket. If you can find something to buy, that is.
The final siren
In a nutshell, the Perth property market appears to be riding a wave, and you’ll need to paddle quick to catch it.
But remember, with great debt comes great responsibility. Rising interest rates and rents are putting the squeeze on households, so you need to think about affordability. Now’s the time to get those financial ducks in a row.
If you’re considering buying, act fast because this market waits for no one!
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Wanting advice about your own specific home and circumstances? Call me now on 0405 812 273 – we’re here to help.
Red Fox specialises in Mount Lawley, Inglewood and the suburbs surrounding Beaufort Street and beyond.