In June 2024, Perth's real estate market witnessed significant price surges, with a monthly increase of 2%, resulting in a staggering annual cumulative growth of 24%. This pushed the average house price to AUD 713,000, an increase of AUD 15,000 per month! Remote areas of Western Australia also saw substantial increases, with prices rising by 16.27% to an average of AUD 504,000.

Compared to the average sales volume of the past five years, Perth's housing market saw the largest annual increase in sales, with last year's house sales exceeding the average level by 29%.

Currently, Perth's real estate market remains robust but faces an increasingly severe shortage of available homes for sale. In June, the number of homes advertised for sale decreased by 23% compared to the same period last year and by 47% compared to the five-year average.

The continued growth in demand has exacerbated market supply shortages, especially against the backdrop of Western Australia's higher-than-average interstate migration rates in recent years.

According to Tim Lawless, CoreLogic's research director, since February this year, despite tight supply conditions, the national house price index has risen by 0.5% monthly, accumulating a total increase of 0.8%.

"Despite downward risks such as high interest rates and cost of living pressures, except for declines in Melbourne and Victoria, house prices in most parts of Australia continue to rise."

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PropTrack's Home Price Index shows that despite higher interest rates, Australian house prices have risen for 18 consecutive months, reaching new highs in June 2024.

Capital city housing prices have outpaced those in remote areas, with increases of 6.91% and 5.61%, reaching AUD 855,000 and AUD 643,000 respectively.

Middle-tier housing prices in Australia have risen by 6.55% over the past year, averaging AUD 787,000, also setting a historical high.

Chris Hinchliffe, director of Herron Todd White, warns that Western Australia's real estate market changes rapidly, with houses priced at AUD 750,000 this year likely to differ significantly from last year.

For instance, the average house price in the northern inland suburb of Dianella is approximately AUD 735,000, with many houses dating back to the 1960s.

For example, a dilapidated three-bedroom, one-bath house from around 1963 on an 807-square-meter plot on Grand Promenade sold for a high price of AUD 730,000 in March this year.

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Valuer reports show significant increases in property sales in coastal suburb Alkimos. From January to May last year, approximately five properties were sold for around AUD 750,000 each.

Gosnells has also attracted attention in recent years, with a median house price increase of 24% to AUD 465,000 over the past 12 months, selling 606 houses throughout the year, the most in the surrounding area.

Kelmscott sold 354 houses throughout the year, with a median price increase of 30.4% to AUD 484,000. Huntingdale sold 129 houses throughout the year, with a median price increase of 12.1% to AUD 560,000.

Maddington sold 306 houses throughout the year, with a median price increase of 19.4% to AUD 478,000. Thornlie sold 412 houses throughout the year, with a median price increase of 18% to AUD 566,000.

Nerida Conisbee, research director at Ray White Group, points out that Perth's house prices have surpassed the national average, making Perth the fifth most expensive housing market in Australia.

She further analyzes, "Continued supply-demand imbalances continue to drive price increases, and with persistent inflationary pressures, more and more people are starting to worry about whether they can afford the cost of buying a home."