What to Expect From The Perth Property Market in 2024

2023 was a standout year for the Perth Western Suburbs property market, and as we transition into 2024, the fundamentals that propelled last year's success seem poised to continue. This stability suggests that whether you're considering upsizing, downsizing, investing, or making your first foray into the property market, the upcoming year offers a wealth of opportunities.

Looking back over the last four years offers valuable context. In 2020, the Perth property market began with momentum, only to face the global challenges presented by the COVID-19 pandemic. Despite initial disruptions, the market recovered, culminating in a 3.5% growth by year-end.

The property market in the Perth Western Suburbs last year was underpinned by robust fundamentals, including strong demand, particularly for apartments, balanced competition, and a healthy listing supply. This environment facilitated favorable sales across different property types.

A noteworthy trend has been the sustained growth of the prestige property market, spanning luxury apartments to record-setting houses. Heading into 2024, this segment within the Perth Western Suburbs appears as vibrant as ever. Prestige buyers, often less affected by interest rate fluctuations, face a significant scarcity of available high-end properties against a backdrop of strong demand.

As we look to 2024, the dynamics of downsizing remain significant, with ongoing activity expected from this demographic, especially in the context of large apartments. Conversely, the rising sales prices and interest rates of last year might have tempered the activity of investors and first-home buyers, though hopes of easing rates could rejuvenate these segments.

Forecasts by major banks and real estate analysts predict a continuation of growth, aligning with the steady market conditions observed towards the end of 2023. This suggests a positive trajectory for the Perth Western Suburbs market, mirroring the broader trends observed nationally.

For those eyeing the Perth Western Suburbs market in 2024, the outlook is optimistic, buoyed by similar trends and expectations of steady growth. The enduring appeal of the prestige market, coupled with balanced activities across other segments, heralds a year of promising prospects. With its unique charm and lifestyle offerings, the Perth Western Suburbs are set to remain a focal point of interest and activity, promising rewarding opportunities for buyers and sellers alike. Staying informed on the latest listings and market insights will be crucial for navigating the year ahead successfully.

Want more?

If you’re looking to buy in 2024, keep an eye on our properties for sale and register for off-market listings. If you’re interested in buying or selling in Perth's Western Suburbs, get in touch.