The long-awaited upsurge in the Perth market is upon us.
Perth has transformed from recovery to boom in the space of a few months, with a doubling in the number of suburbs with rising markets.
Our Summer 2020-21 survey of sales activity identified 59 rising suburbs across Perth, the highest in the six years we have been conducting our quarterly surveys.
But our latest (Autumn 2021) survey finds that the number has doubled to 118 suburbs, a remarkable change in just three months.
This uplift in buyer activity is being reinforced by other data, including very low vacancy rates, rising rents and increasing levels of price growth.
This avalanche of strong, positive statistics coming out of the Perth market coincides with the publication of our new edition of the Top 5 Perth Hotspots report.
It reveals that rising markets are spread right across the Perth metropolitan area and include a broad range of price points.
But the greatest momentum is at the affordable end of the market, with strength also evident in middle-market areas.
The LGA of Wanneroo in the far north has 14 rising suburbs, driven by first-home buyers and other owner-occupiers on a budget.
Many are suburbs with median prices in the $300,000s and $400,000s.
The City of Stirling, which regularly features in these reports, also has 14 rising suburbs. Stirling is a middle-ring LGA with a wide range of suburbs with different price points.
The significant upturn in sales activity recently is starting to translate into price performance.
In the past 12 months, 60% of Perth suburbs have recorded growth in their median house prices, but in the most recent quarter 78% have had price increases.
I expect this momentum in Perth prices to continue and it’s noteworthy that most forecasters expect Perth house prices to increase 10% or 15% in the next 12 months.
To find out the best places to buy in this strongly rising market, get yourself a copy our new Top 5 Perth Hotspots report and have a read today.