Perth’s property market continues to thrive, with some areas seeing record price growth. However, several suburbs and regional towns are still struggling to reach previous market highs. For example, North Dandalup is 17.6% below its 2007 peak, and Peppermint Grove has slipped by 6.2% since 2008. In the Pilbara region, South Hedland and Port Hedland have seen values drop around 50% from their 2012 highs.
In contrast, areas like Perth’s inner-city suburbs continue to perform well, driven by high demand and limited supply, especially for affordable units. Recent months have seen an increase in property listings, providing some relief for buyers who had been facing tough competition.
Suburbs with Prices Still Below Peak
While Perth’s overall market is booming, some areas are lagging behind. Suburbs such as North Coogee and regional towns like Broome and Cable Beach are below their historic highs from the mid-2000s. This is largely due to the end of the mining boom, which significantly impacted property values in certain regions. South Hedland, in particular, has seen house values drop by 57.8% since 2012.
Record Growth in Perth’s Inner Suburbs
While some areas struggle, Perth’s inner suburbs, especially those offering affordable units, are experiencing strong growth. There has been a notable shift toward apartment living, with buyers looking for properties in prime locations near the city. The increase in available listings has somewhat eased the intense buyer competition, but demand remains high.
Perth’s Market Outlook
Perth’s property market has hit a significant milestone, recording the highest monthly, quarterly, and annual growth in Australia. According to Corelogic, home values in Perth surged by an impressive 24% over the past year. This growth has been driven largely by strong, sustained demand and limited housing supply, making Perth a standout performer among Australia’s capital cities.
With more buyers entering the market and available properties remaining limited, the competition for homes has intensified, further fueling price increases. This upward trend is expected to moderate slightly as more properties are listed over the coming months, offering some relief to buyers. However, Perth’s overall market outlook remains strong, particularly in key suburbs where demand continues to outstrip supply.
As the market evolves, it’s important for investors to conduct thorough research, particularly in suburbs where prices remain below past peaks.
Source: WAtoday, Corelogic