Home Price Index breakdown: Property values in WA right now

December 2024

Perth bypassed the other capitals to reign supreme in December.

Home prices are at their peak, rising 0.39% over the month.The median value of a home is now $773,000, making Perth Australia’s third most affordable capital.

Perth has also been the nation’s best performing market over the past 12 months, with median prices sitting 17.59% higher than in December 2023.

Both houses and units have performed strongly, with houses up 17.5% and units up 18.8% year-on-year. 

“The best performing regions for home price growth over the past 12 months can primarily be found in Queensland and Western Australia, which account for nine of the top 10 highest growth markets,” REA Group senior economist Anne Flaherty pointed out.

This three-bedroom house for sale in Como in Perth's south has a price of $999,000. Picture: realestate.com.au

Perth has performed well as a result of strong population growth outpacing new housing supply, along with high levels of investor demand, Ms Flaherty noted. 

However, the pace of growth has reduced amid a tougher economic climate.

“While prices remained on the rise in December, the speed at which prices are increasing has slowed, as persistently high interest rates and waning affordability impact borrowing capacities,” she said.

“While December was the first month in which national home values declined in two years, price growth momentum had been slowing since March 2024.

“This slowdown has been seen across both capital city and regional areas, with outperforming markets such as Greater Perth also experiencing this trend.”

In regional WA, values fell 0.19% over December with the median home price now sitting at $555,000.

November 2024

Perth home prices rose 0.23% in November, with vendors continuing to benefit from low levels of housing stock available on the market.

The median price value of $778,000 is the third lowest in the nation after Hobart, $682,000, and Darwin, $511,000.

When it comes to the strongest annual growth, Perth continues to lead the capitals, with prices up 18.74% since November 2023.

REA Group senior economist Eleanor Creagh said buyers are snapping up new listings quickly.

“Sellers in Perth have held the upper hand through spring,” she said.

This three-bedroom house for sale in Piara Waters in Perth's south east is open to offers over $899,000. Picture: realestate.com.au

“Although the number of properties hitting the market has increased, total stock on market remains historically low as new listings are quickly absorbed amid strong buyer demand.”

However, the pace of home growth has been slowing in Perth in line with a trend across other parts of the country, Ms Creagh explained. 

“Despite remaining the top performing market for annual home price growth, growth has slowed over the past quarter in line with the slowing momentum seen in other markets,” she said.

This softening in growth has occurred nationwide, alongside a surge in stock for sale, giving buyers more choice and reducing the urgency to transact, Ms Creagh added, although performance has varied across markets.

In Regional WA, median values were up 0.17% over the month, sitting at $557,000. Over the year, values climbed 15.08%, the highest in regional Australia.

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.