Statistics show that a quarter of the city's districts in the capital of Western Australia experienced growth rates exceeding 20%, with an average increase of at least AUD 100,000. This is an incredible result, especially for those looking to buy property in Perth, and undoubtedly bad news for them.

Last year, with the exception of Peppermint Grove, property prices in all districts of Perth saw an increase, with 90% of districts experiencing growth rates exceeding 10%.

According to Eliza Owen, the research head at CoreLogic, the median property price in Perth increased by 15.2% last year, reaching a new high of AUD 660,754. Brookdale, located 30 kilometers southeast of Perth, became the best-performing district in Australia in terms of property prices in 2023, with local prices soaring by 35.6% compared to a year ago.

Additionally, districts like Armadale and Camillo also experienced significant increases in property prices, possibly because their prices remain below AUD 500,000, making them relatively more affordable.

Apart from Perth, the real estate markets in cities like Sydney and Brisbane also showed some growth. In Sydney, over half of the districts saw property prices increase by at least 10%, with 21 districts experiencing growth rates exceeding 20%. In Brisbane, nearly three-quarters of districts saw property prices increase by at least 10%. However, the real estate market in Melbourne showed relatively weaker performance, with only three districts seeing a 10% increase in property prices.

Eliza Owen explained that the growth in Melbourne's property prices was constrained by a surge in housing supply, and although the number of overseas immigrants rebounded, many chose to rent rather than buy.

Despite Melbourne's less-than-stellar performance, this subdued market condition may lay the foundation for stronger growth this year. According to experts, the sluggish market in Melbourne may attract more homebuyers and generate stronger demand for home purchases.