The PropTrack Home Price Index Report for September 2024^ confirmed another month of strong gains for Perth home values, with prices lifting 0.24% in the month, taking the median value to $754,000.
Perth’s price growth is slowing as buyers enjoy more choice amid a typically busy spring selling season. That said, Perth has maintained its streak of outperformance, and the city’s 22.34% annual price growth is the highest across the country.
Tight supply coupled with strong buyer demand is creating competitive conditions that are driving prices higher. Sellers in Perth have the upper hand this spring, and while the number of properties hitting the market has increased, total stock on market remains well below the prior five-year average as new listings are quickly snapped up.
Across regional WA, prices dropped by a tiny 0.04% in September, though the annual price growth of 15.47% is the highest across the nation’s regional markets. The median regional home value in WA is currently $531,000.
^ https://www.proptrack.com.au/home-price-index/
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