Perth property boom continues

“GO West, Invest” has been a property mantra for some years. But does it still apply?

Perth real estate has seen double-digit growth since 2022, and some cautious observers have suggested a downturn might not be far away.

Others say the boom will continue. Perth’s median house price increased 0.6% in May to $780,000, 18% higher than at the same time in 2024.

Units were up 1.9% to $535,000, a whopping 21% on last year. Rents are strong too: the median house rent now $690 a week.

The Real Estate Institute of WA says conditions are right for continued growth.

“Population growth, while declining slightly, is still strong, which fuels demand for housing,” said REIWA President Suzanne Brown. “The WA economy remains strong, and unemployment is low.”

Property analysts say WA has been able to diversify its economy away from the boom-and-bust nature of the mining industry.

“While we are still very much a resource-based state, WA is no longer as dependent on mining as it was,” said Ms Brown.

“Our growing population has led to more roles in sectors like health care and education, which is likely to continue.” Hospitality and tourism are also growth areas.

Among Perth suburbs generating high demand is inner-city Maylands, on the Swan River 4.5km northeast of the CBD.

“Maylands has just about everything you’d need,” says leading local agent Brock Roberston, a director of NYT Property Group. “The riverside location, a rail line, easy access to both the city and the airport.

“Plus plenty of shops, cafes, restaurants, bars, and a good mix of housing including character homes, units and townhouses.”

A Maylands house ranges around $1 million; units start around $300,000. Time on market is just one or two weeks.

The consensus seems to be that Perth property prices might slow down at some stage, in common with other capital cities. But barring major economic calamity, they won’t be going backward any time soon.

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BREAKOUT – map, or a list? The last 3 are well outside Perth city

PERTH HOT SPOTS

(increase April-May 2025)

Maylands +2.9%

Bedford + 2.1%

Wannanup +1.9%

Pinjarra +1.8%

Southern River +1.7%

Source: REIWA