Camillo and Golden Bay were Perth’s fastest-selling suburbs in October. Image – Canva
  • CoreLogic’s Perth home value index declined 0.2% in October
  • REIWA CEO Cath Hart has belives the Perth housing market will not be falling drastically anytime soon
  • Stock levels remained steady over the month

While across Australia house prices have seen a significant decline Perth’s market is remaining steady with the CoreLogic home value index recording a 0.2% decline in October, the smallest decline out of all capital cities in Australia.

Data from Domain revealed that Australia recorded the fastest quarterly growth decline on record. The national market is suffering the shock of rising interest rates along with decades-high inflation.

Real Estate Institute of Western Australia (REIWA) CEO Cath Hart highlighted that the Perth property market continues to be resilient compared to other states. To put Perth’s stability into perspective, Brisbane’s home value index declined 10 times as much as Perth over October with a 2.0% drop while Sydney’s declined 1.3%.

“The main drivers for this are the low level of stock and our affordability, with Perth median house prices the cheapest of any capital city,” Ms Hart said.

“There is nothing in the Perth property market right now indicating that house prices will fall drastically any time soon.”

Cath Hart, REIWA CEO

Perth’s top-performing suburbs for house price growth in October were Quinns Rocks (up 3.6% to $570,000), Warnbro (up 2.5% to $410,000), Hamilton Hill (up 2.2% to $595,000), Currambine (up 1.9% to $655,000) and Butler (up 1.9% to $420,000).

The other suburbs to record strong house price growth were Pearsall, Rockingham, South Perth, Stirling and Padbury.

Steady stock helps maintain the market

REIWA reported 8,169 properties for sale on the site at the end of October, a figure almost identical to the previous month’s stock of 8,155. While the supply is steady, current stock in the market is 5.9% down from levels seen a year ago.

“We are still experiencing a housing and labour shortage concurrently, which is resulting in good outcomes for sellers but competitive conditions for those wanting to buy,” Ms Hart said.

“With the population continuing to grow this is adding pressure on an already strained housing market, and it will remain this way until we have more housing stock.”

“This demand for housing is expected to keep market conditions strong.”

You May Also Like

Australian building costs have continued to soar, but has your insurance cover kept pace?

MCG Quantity Surveyors analysis found underinsurance could cost homeowners over $100K to replace a property, with the issue even more profound in the commercial property sector.

When will Australian property prices fall? One major challenge continues to prop prices up

Property prices are up by over 35% across the country since Covid, and while not the same story in each city, that’s little solace to prospective buyers pulling their hair out.

A window of opportunity could be open for savvy Australian property investors, but time is ticking

One expert has noticed investors are on the move while there’s less competition and fewer buyers in the marketplace.

Why Aussie property buyers aren’t waiting for rate cuts anymore

A surge in home loans shows buyers aren’t waiting for interest rates to drop before taking the plunge.