2023 Predictions for the Perth Property Market
Most of us would agree that the news about the 2022 property market was about the relentless interest rate rises… all eight of them! So, what’s in store for the 2023 property market, particularly for WA? Both REIWA and property analysts, CoreLogic, have released their predictions for the year ahead, and you’ll be pleased to hear there’s minimal interest rate talk!
According to REIWA, WA’s strong property market conditions are expected to continue, with their 2023 outlook estimating Perth house prices will show moderate growth of between 2 and 5 per cent in the next 12 months.
“Perth’s median house price rose 2.86 per cent to $540,000 in 2022, up from $525,000 in 2021 – this was despite the eight interest rate rises which have seen east-coast markets go into decline,” REIWA CEO Cath Hart said.
“Perth’s forecast price growth in 2023 will be supported by ongoing low supply and strong demand.”
Perth continues to be the most affordable capital city in the country by median house price, and based on current market expectations, interest rates are anticipated to have minimal impact on the WA market compared to other states.
The home of Summit Realty, Waikiki, has been listed as the number two suburb in Perth with the strongest 12-month growth in values. This has resulted in a 14.3% increase for Waikiki and has brought the median house value to $489,670. Meanwhile, neighbouring Baldivis came out on top as the suburb with the greatest number of houses sold in 2022 – 1,209 houses with a median house price of $496,814.
Homes in nearby Kwinana, Mandurah and Rockingham all increased by more than 8 percent last year, according to the latest data from CoreLogic.
Specialist researcher/writer on residential property, Terry Ryder from Hotspotting, stated “Perth is the nation’s most vibrant market at present where about three-quarters of suburbs are rising or consistency locations, led by the affordable end of the market, plus, Wanneroo and Armadale feature among our National Top 10 Municipalities.”
So, there you have it, the experts have spoken and the outlook for the Perth property market looks to remain strong thanks to the relatively affordable price point and booming resources market, along with a relatively high level of sales activity.
If the new year has you inspired and you’re thinking of selling or you’re simply keen to know what your home is worth, we’re offering free appraisals so pop in for a chat with the Summit Realty sales team or give us a call on 9592 8188.
