Dec 10, 2021
In media discussions about the many strong property markets across Australia, one city that often tends to be overlooked is Perth.
Perth, in fact, is one of the most buoyant markets in capital city Australia, particularly in terms of the strength of sales activity.
Our latest quarterly survey of sales volumes shows that Perth continues to maintain a very high level of performance, with 65% of suburbs classified as rising markets – one of the strongest results in the nation.
The 116 suburbs classified as rising markets is the second highest number for Perth in the six years we have been conducting our quarterly surveys of sales activity.
To put this into perspective, in the surveys from 2015 through to the end of 2020, the average number of rising suburbs in Perth was 29.
The four surveys conducted in 2021 have revealed 118, 103, 115 and 116 suburbs with rising sales momentum.
This means the Perth market is at its strongest since the end of the resources investment boom in 2013.
This strength is reflected in both the number of locations with rising sales activity and in price growth outcomes.
Prices are growing right across the Greater Perth area, although not yet at the same rates as elsewhere in Australia.
Of the 177 suburbs included in our price analysis, all but two had annual growth in their median house prices – with 155 of them rising more than 5%.
And there is potential for price growth to accelerate, given the high level of market activity that is currently occurring.
Against this backdrop, we have just published the new 2022 edition of our Top 5 Perth Hotspots report.
It’s a report that warrants some attention from investors, because it outlines the locations we expect to perform best in a year that promises to be one of the best ever for the Perth property market.