Perth Property Market: Western Suburbs Lead in Price Growth

Perth’s property market continues to showcase resilience and promise, with the western suburbs emerging as leaders in price growth. While growth is evident across outer suburban areas, it’s the coveted western suburbs that are garnering significant attention for their potential high capital growth.

Affluent neighborhoods like Shenton Park, Cottesloe, Claremont, and Mount Hawthorn are witnessing notable double-digit growth in unit prices, signaling promising investment opportunities. However, elite segments of the market in areas like Peppermint Grove and Dalkeith are experiencing stagnation or slight declines.

Interestingly, there are signs of resurgence in Perth’s CBD and coastal areas, indicating a potential shift in market dynamics. Despite lagging behind the suburban fringe and working-class suburbs in recent growth rates, these areas are now poised for revitalization.

Overall, Perth’s property market recorded a robust 14.5% house price growth in the year leading up to April 2024, reflecting the region’s buoyant real estate sector. However, the potential impact of shifts in interest rates and borrowing power on the market, particularly in the western suburbs’ upper-middle price range, remains a factor to monitor closely.

As Perth’s property market continues to evolve, investors and homebuyers alike will need to stay attuned to emerging trends and opportunities, particularly in the thriving western suburbs where growth prospects are on the rise.