Perth is the nation’s strongest property market.
At a time when the market in our biggest capital cities have been struggling, Perth has continued to thrive.
Amid all the disruption that’s been afflicting property markets across Australia, Perth is still delivering strong sales activity and price growth.
We’ve just completed our latest quarterly analysis of sales activity – and it shows that two-thirds of suburbs in the Greater Perth area have maintained high levels of sales activity in defiance of the nationwide downturn pressures.
Of the 194 Greater Perth suburbs in our analysis, 63 are classified as rising markets and another 63 are consistency markets.
To have two-thirds of locations maintaining strong buyer demand is exceptional in the current climate of economic disruption.
And it shows that the theory of most economists – that rising interest rates means prices will fall everywhere – is plain wrong.
Because Perth is just one of a number of markets throughout Australia where sales activity has remained strong and prices have risen in the past 12 months.
But Perth is the strongest of them.
There is strength in the property market right across the Greater Perth area, especially in the middle-ring and outer-ring areas.
Perth remains Australia’s cheapest capital city for houses, except for Darwin, and is being heavily targeted by investors for its affordability, above average rental yields and its capital growth prospects.
With a strong underlying state economy and a strong state budget, there’s every reason to believe that Perth’s high ranking will continue throughout 2023.