Home Price Index breakdown: Property values in WA right now

October 2024

Perth is still one of the strongest capital city markets when it comes to growth, with the median dwelling price sitting at $773,000, according to PropTrack's latest Home Price Index. 

Over October, the price growth rate surged 0.32% to hit a peak, trailing Melbourne (0.49%) and Adelaide (43%).

While the results are strong, the rate of growth remains slower than the pace recorded earlier in the year, according to REA Group senior economist, Eleanor Creagh.

Of all the capital cities, Perth demonstrated the strongest annual home price growth of 20.58%.

Homeowners reaped the benefits as stock levels remained low.

This four-bedroom house for sale in Parmelia in Perth's south has a price of $699,000. Picture: realestate.com.au

“Perth proceeded to lead the country with the strongest annual home price growth in October, as tight supply amid strong buyer demand saw competitive conditions fuel strong price growth,” Creagh said.

“Sellers in Perth held the upper hand, and although the number of properties hitting the market has increased, total stock on the market remains historically low as new listings are quickly absorbed amid robust buyer demand.”

In recent years, housing affordability and tight rental markets have helped Perth achieve price growth.

In regional WA, monthly growth dipped 0.15%, while year-on-year it was up 13.58%, with the median dwelling value at $543,000.