5 Things You Need to Know About the WA Property Market Right Now

Whether you're buying or selling a house, navigating the WA property market can feel overwhelming. With rising prices, competitive listings, and rapid population growth, understanding the current Western Australian property trends is essential. Here are five must-know insights into the WA property market, featuring guidance from REIWA CEO Cath Hart.

1. WA’s “Perfect Storm” Driving Up Prices

The Perth property market is experiencing what industry experts are calling the “perfect storm.” Perth’s median house price is projected to climb by over 20%, potentially reaching $740,000 by the end of 2024. This surge is fueled by significant population growth and a shortage of available homes, as new housing completions remain low. For those thinking about buying and selling a house, this strong growth trajectory is an important factor to consider closely.

2. Fast-Moving Listings – Be Prepared and Proactive

In today’s fast-paced WA property market, properties are selling as soon as they're listed. If you're a buyer, it’s essential to have your finances prepared. Signing up for property alerts and building relationships with real estate agents can help you access new listings early, sometimes before they officially hit the market. Working with a Buyers Agent (that’s where I can help!) can streamline the process, handling legwork and negotiations on your behalf.

3. Tips for Sellers to Set Up for Success

For sellers, understanding the current Perth property market conditions is key to achieving a successful sale. Research recent sales in your area, examine Perth median house price trends, and work with an agent who knows the local market well. Focusing on presentation and timing can significantly improve your selling outcome in this competitive market.

4. First-Time Buyers: Take Advantage of Government Incentives

If you're a first-time buyer, there are valuable incentives available to help make homeownership more affordable. Programs like Keystart loans, the First Home Owner Grant (FHOG), and stamp duty concessions are designed to assist with buying in Western Australia. With these financial breaks, first-time buyers can take advantage of WA real estate tips that make entering the market easier.

5. Know the Hot Suburbs in WA

Certain hot suburbs in WA are experiencing high demand, driven by a combination of affordability and lifestyle appeal. Suburbs like Bellevue, Armadale, and Hillman have seen over 40% growth in median house prices, with some properties selling within just five days. If you’re looking for an affordable suburb with high potential, these areas should be on your radar.

In today’s fast-moving WA property market, preparation and knowledge are everything. Whether you're buying or selling a house, staying ahead of the game is key to success. If you need guidance navigating this dynamic market or are interested in exploring off-market opportunities, feel free to reach out. I’m here to help you secure the best outcome for your property goals.