In news that won’t surprise any local house hunters, Perth is now officially the hottest state capital property market in Australia.
CoreLogic data released in the Guardian Australia has revealed that Perth homes are listed for a median of just 11 days before sale. The next fastest selling city is Brisbane, with homes staying on the market for a median of 21 days.
CoreLogic also revealed that Perth home values had increased in 2023 by 15.2%.
More recently, the City of Armadale was named last week as the suburb with the largest surge in property values across the country, with a 25% increase in 2023 – with one resident recently selling their Camillo property for over double what they paid for the three-bedroom home in 2018.
Regionally, property prices increased by 8.4% across the past year.
Similarly, the Perth rental market is in its fourth consecutive year of historically low vacancies, with only 0.4% vacancy rate – the tightest capital city rental market in the country.
In spite of this, the Economist’s annual cost-of-living affordability index, which encompasses 173 cities globally, listed Perth as the most affordable Australian capital city.
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