REIWA UPDATE | October 2024

5 Key Insights into the WA Property Market Right Now

Whether you're thinking about selling your home or hunting for your next investment, the Western Australian property market can feel like a bit of a rollercoaster. But don’t stress – we’re here to break it down for you. With insights from Cath Hart, CEO of the Real Estate Institute of WA (REIWA), here are five key things you need to know about the WA property market right now.

1. The Perfect Storm for Price Growth

Perth’s property market is on fire! According to REIWA’s latest data, the median house price in Perth is expected to hit $740,000 by the end of 2024 – a massive 20% increase. As of August, the median house price was already $688,000, which is over 20% higher than this time last year. What's driving this growth? Cath Hart explains that strong population growth combined with ongoing challenges in the building industry is creating a supply-and-demand imbalance, pushing prices higher. So, if you’re selling, it’s a great time to cash in.

2. Be Ready to Pounce

Seen a house for sale and then poof – it’s gone? You’re not imagining things. Homes in Perth are selling at lightning speed, and buyers need to be prepared. Ms Hart advises that if you’re serious about buying, make sure your finances are ready to go. Houses are still coming onto the market, but they’re being snapped up fast. She also suggests signing up for alerts on reiwa.com and registering your interest with local agents, who can notify you about new properties – sometimes before they’re officially listed. In a market like this, being proactive is key.

3. Set Yourself Up for Success

If you're selling, make sure you're working with the right real estate agent. REIWA offers a handy tool called AgentFinder, which helps you connect with certified agents in your area. Before you list your home, do a bit of research – check out recent sales in your suburb on reiwa.com, see what features made those homes stand out, and compare them to your property. Understanding the market and getting the right advice from your agent can help maximise your sale price while reducing the stress.

4. Take Advantage of Government Support

First-home buyers and others looking to enter the market, listen up – there’s plenty of government support available to make buying a home more affordable. Programs like Keystart allow you to buy with as little as a 2% deposit and no Lender’s Mortgage Insurance, while the First Home Owner Grant (FHOG) offers $10,000 towards new homes. There are also reduced stamp duty rates and other incentives that can help make your property purchase easier on the wallet. Make sure you check out what you’re eligible for – these schemes can really make a difference!

5. Hot Suburbs to Watch

Looking for a property with potential? Keep an eye on suburbs like Bellevue, Armadale, and Hillman. According to REIWA, these areas have seen massive growth in median house prices – Bellevue alone jumped nearly 50% over the last year! And if you’re after a quick sale, homes in Hillman are selling in just five days, while Cooloongup, Langford, and Orelia are not far behind. With affordability and lifestyle factors playing a big role, these suburbs are ones to watch for both buyers and investors.

If you’re thinking about buying, selling, or just keeping an eye on the market, it’s clear that now’s a busy time in WA real estate. Whether you need help finding the right agent, navigating the government incentives, or figuring out which suburb is the next hotspot, REIWA’s tools and resources can help you stay informed and ready to make your move.