<p><span style="font-weight: 400;"><span class='b-autolinkshadowbox'>Perth<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/tas/7300/perth>Perth, TAS</a> <a href=https://www.smartpropertyinvestment.com.au/data/wa/6000/perth>Perth, WA</a></span></span>’s property market saw the end of its long-running growth streak in October, recording its first monthly drop in median values in 18 months.</span></p>
<p><span style="font-weight: 400;">The monthly decline did not catch the majority of industry analysts off guard, as talk about slowing growth had been proliferating across the market in recent months. </span></p>
<p><span style="font-weight: 400;">A combination of factors, including an increase in listings in the midst of the spring selling season, the subtle tightening of credit assessments set for 1 November and rising affordability issues, <span>which has increasingly priced out buyers from the market,</span> are perceived as the cause for the slowdown in Perth’s growth. </span></p>
<p><span style="font-weight: 400;">Despite the gloomy outlook, local experts are still optimistic regarding Perth’s prospects. REIWA president Damian Collins said that Perth’s affordability compared to other capital markets continues to be its trump card. </span></p><div class="dfp-ticker interscroller f" data-catid="85" data-pcount1="75">
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<p><span style="font-weight: 400;">“Perth remains very affordable overall,” he said. “In fact, we are the cheapest of all major cities around the country. With interest rates so low, people can get into a median-priced home with mortgage payments as low as $250 a week.” </span></p>
<p><span style="font-weight: 400;">He also pointed out that Perth is off to a good start of a decade compared to the last one, noting that even if prices only grow by 4 per cent per annum over the next decade, the Perth median price would rise to $770,000. </span></p><div class="b_gxh">
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<p><span style="font-weight: 400;">“If our economy stays strong and our population increases, we are likely to see a much better decade ahead than the last one,” he stated. </span></p>
<p><span style="font-weight: 400;">Despite the perceived slowdown in growth, Perth also continues to be a favourite among property investors. According to Caylum Merrick, the finance team leader at advisory firm Momentum Wealth, a growing number of property owners are capitalising on the strong market conditions to </span><a href="https://www.smartpropertyinvestment.com.au/finance/23322-strong-perth-market-helps-property-investors-expand-their-portfolio" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">expand their investment portfolios</span></a><span style="font-weight: 400;">. </span></p>
<p><span style="font-weight: 400;">In fact, investor loans in Western Australia climbed by 86.35 per cent in August 2021 compared to the previous year, according to data from the Australian Bureau of Statistics.</span></p>
<p><span style="font-weight: 400;">“We have also witnessed similar growth in investor demand, with many investors recognising the unique opportunity at hand to capture both growth conditions and strong rental yields, with Perth continuing to offer some of the most competitive rental yields across the nation,” Mr Merrick noted.</span></p>
<p><span style="font-weight: 400;">With all this in mind, will October mark the start of Perth’s dwelling values hitting the skids? Or will the city manage to rebound before the year ends? </span></p>
<p><span style="font-weight: 400;">For now, let’s see how the market performed during the month. </span></p>
<p><b>Property values </b></p>
<p><span style="font-weight: 400;">Perth saw its first monthly decline since June 2020, as CoreLogic data revealed the city’s dwelling values fell 0.1 per cent in October, slowing down from the 0.3 per cent increase in September. </span></p>
<p><span style="font-weight: 400;">Despite the decline, REIWA’s Mr Collins voiced his optimism about the city’s overall growth. “Whilst price growth was relatively subdued during October, on an annual basis Perth home values are up 16.37 per cent,” he said. </span></p>
<p><span style="font-weight: 400;">The recent movement in housing values brought the Western Australian capital’s median dwelling values to $526,625, which still makes it the cheapest capital city after Darwin. Meanwhile, regional Western Australia values also fell 0.1 per cent over the month but are up 17 per cent over the past year.</span></p>
<p><span style="font-weight: 400;">Median values for houses saw a 0.1 per cent drop in October. Despite the monthly decline, average house prices in the city still rose to $550,044 from the previous month’s median value of $548,351. Compared to the same period last year, Perth house prices have risen by 16.7 per cent. </span></p>
<p><span style="font-weight: 400;">Interestingly, Perth’s unit market strengthened during the same period, notching a 0.2 per cent increase in October. Median unit values in the city now sit at $402,525. Compared to September 2020, unit prices in Perth are now up 14.1 per cent. </span></p>
<p><span style="font-weight: 400;">According to CoreLogic’s research director Tim Lawless, the </span><a href="https://www.smartpropertyinvestment.com.au/research/23334-expect-inner-city-unit-rental-markets-to-rebound-post-lockdown-rebound" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">demand for units will continue to increase</span></a><span style="font-weight: 400;"> as houses become more out of reach for buyers. “As housing becomes less affordable, we expect to see more demand deflected towards the higher density sectors of the market.”</span></p>
<p><span style="font-weight: 400;">Meanwhile, REIWA’s data showed Perth’s median house sale price stood at $520,000 in October, with 65 suburbs recording price growth during the month.</span></p>
<p><span style="font-weight: 400;">The suburbs to record the biggest house price growth during October were <a href=https://www.smartpropertyinvestment.com.au/data/wa/6011/cottesloe>Cottesloe</a> (up 4.6 per cent to $2.6 million), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6018/doubleview>Doubleview</a> (up 2.8 per cent to $795,000), <span class='b-autolinkshadowbox'>Sorrento<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/vic/3943/sorrento>Sorrento, VIC</a> <a href=https://www.smartpropertyinvestment.com.au/data/wa/6020/sorrento>Sorrento, WA</a></span></span> (up 2.8 per cent to $1.15 million), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6027/joondalup>Joondalup</a> (up 2.8 per cent to $545,000) and Brabham (up 2.6 per cent to $427,500).</span></p>
<p><span style="font-weight: 400;">Perth’s million-dollar club suburbs also welcomed new members. According to data from REIWA, Perth now has a total of 42 suburbs with a median average of over $1 million, significantly higher than the 12 seen in 2010. </span></p>
<p><span style="font-weight: 400;">Among these, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6018/woodlands>Woodlands</a> and <a href=https://www.smartpropertyinvestment.com.au/data/wa/6020/marmion>Marmion</a> recorded a median greater than $1 million for the first time. Meanwhile, suburbs including Woodlands, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6020/watermans-bay>Watermans Bay</a>, Sorrento, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6050/mount-lawley>Mount Lawley</a>, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6153/ardross>Ardross</a> and <span class='b-autolinkshadowbox'>North Beach<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/sa/5556/north-beach>North Beach, SA</a> <a href=https://www.smartpropertyinvestment.com.au/data/wa/6020/north-beach>North Beach, WA</a></span></span> recently reclaimed their million-dollar status.</span></p>
<p><span style="font-weight: 400;">Mr Collins said that the majority of suburbs on the million-dollar list owed their premium price tags to their proximity to lifestyle elements.</span></p>
<p><span style="font-weight: 400;">“These suburbs offer a great lifestyle and are close to amenities and all built out with limited new supply,” he said, adding: “Proximity to activity and lifestyle are two factors people in Perth value highly and are willing to pay more for.”</span></p>
<p><b>Supply and demand </b></p>
<p><span style="font-weight: 400;">Perth’s spring selling season is in full swing, as REIWA’s data showed that 119 suburbs recorded an increase in listings for sale during October.</span></p>
<p><span style="font-weight: 400;">Mr Collins said the spring season traditionally saw more sellers come to market who want to capitalise on the increased buyer activity after the winter slowdown.</span></p>
<p><span style="font-weight: 400;">“Spring 2021 has so far continued the trend we’re used to seeing this time of year, as an increasing number of owners choose to list their property for sale, ready to take advantage of Perth’s strong market conditions,” he stated. </span></p>
<p><span style="font-weight: 400;">At the end of October, a total of 8,620 properties were listed for sale, which is 3 per cent more than the figures seen in September, according to REIWA. </span></p>
<p><span style="font-weight: 400;">Further analysis shows 5,838 new properties were added to the market in October, which is the highest level of listings reported in the city since May.</span></p>
<p><span style="font-weight: 400;">“This illustrates that the increase in listings during October is not because properties are languishing on the market, but because buyer demand is high and sellers are taking advantage of the favourable market conditions,” Mr Collins said.</span></p>
<p><span style="font-weight: 400;">The suburbs to see the biggest upward movement in total listings were <a href=https://www.smartpropertyinvestment.com.au/data/wa/6065/darch>Darch</a>, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6025/hillarys>Hillarys</a>, Sorrento and <span class='b-autolinkshadowbox'>Inglewood<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/wa/6052/inglewood>Inglewood, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/qld/4387/inglewood>Inglewood, QLD</a> <a href=https://www.smartpropertyinvestment.com.au/data/vic/3517/inglewood>Inglewood, VIC</a></span></span>. </span></p>
<p><span style="font-weight: 400;">“These four suburbs were particular standouts, with listings for sale increasing by 100 per cent or more in each area when comparing October to September,” Mr Collins said.</span></p>
<p><span style="font-weight: 400;">Other suburbs to see a significant increase in listings were Treeby, <span class='b-autolinkshadowbox'>Warwick<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/wa/6024/warwick>Warwick, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/qld/4370/warwick>Warwick, QLD</a></span></span>, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6014/wembley>Wembley</a>, <a href=https://www.smartpropertyinvestment.com.au/data/wa/6147/langford>Langford</a>, <span class='b-autolinkshadowbox'>Jindalee<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/wa/6036/jindalee>Jindalee, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/qld/4074/jindalee>Jindalee, QLD</a></span></span> and <a href=https://www.smartpropertyinvestment.com.au/data/nsw/2063/northbridge>Northbridge</a>.</span></p>
<p><span style="font-weight: 400;">SQM’s data reflected REIWA’s results, revealing that listings in the Western Australian capital rose by 8.4 per cent over the month by 1,756 to 22,623 at the end of October. Over the year, total listings are still down by 2.5 per cent. </span></p>
<p><span style="font-weight: 400;">The surge in listings did not seem to dampen appetite for properties in the city, as buyer demand continued to be strong. REIWA data showed the median time to sell a house during October was 16 days, which is one day faster than it took in September and nine days faster than October 2020.</span></p>
<p><span style="font-weight: 400;">“Buyers are still having to act very quickly to secure a property in Perth,” Mr Collins said.</span></p>
<p><span style="font-weight: 400;">The five fastest-selling suburbs in October were <a href=https://www.smartpropertyinvestment.com.au/data/wa/6027/heathridge>Heathridge</a> (six days), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6006/north-perth>North Perth</a> (six days), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6156/willagee>Willagee</a> (six days), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6149/bull-creek>Bull Creek</a> (seven days) and <a href=https://www.smartpropertyinvestment.com.au/data/wa/6026/kingsley>Kingsley</a> (seven days).</span></p>
<p><b>Auction rates </b></p>
<p><span style="font-weight: 400;">According to CoreLogic, around 105 properties in Perth went under the hammer throughout October, with 66 auctions resulting in a sale. </span></p>
<p><span style="font-weight: 400;">For more updates, expert industry insights and stories about Australia’s auction markets, follow our weekly updates in our</span><a href="https://www.smartpropertyinvestment.com.au/news"><span style="font-weight: 400;"> News section</span></a><span style="font-weight: 400;">. </span></p>
<p><b>Rental market </b></p>
<p><span style="font-weight: 400;">Perth’s rental market saw a rebound of sorts in October due to a combination of positive flow of interstate migration and rental stock shortage. </span></p>
<p><span style="font-weight: 400;">“We’re certainly in a significant shortage of rental stock and that’s a real challenge,” Mr Collins professed. </span></p>
<p><span style="font-weight: 400;">Adding to the tight rental market conditions are home owners who are stuck in leases due to the blowout in construction times. According to Mr Collins, there are plenty of tenants in the market who have bought properties to build and are still sitting in their rentals.</span></p>
<p><span style="font-weight: 400;">“We’re expecting 8,000 to 10,000 to move out of their rentals so that will free up stock, but that will be drip-fed in the next 18 months,” he stated.</span></p>
<p><span style="font-weight: 400;">At the end of October, there were reportedly 2,146 properties for rent across the Western Australian capital. </span></p>
<p><span style="font-weight: 400;">“The biggest issue facing the Perth rental market is not affordability, but a shortage of rental stock. Western Australia needs to see an influx of investors to ensure there is an adequate supply of rental stock to keep up with tenant demand,” Mr Collins explained.</span></p>
<p><span style="font-weight: 400;">But the local expert advised market watchers not to expect the city’s rental market conditions to ease once international borders open, as investors have not returned to the market at high enough levels and building activity has not kept pace with demand.</span></p>
<p><span style="font-weight: 400;">“With the WA borders set to open next year, demand for rentals will likely increase. It is imperative that investors are not further deterred from providing rentals in WA,” he stated.</span></p>
<p><span style="font-weight: 400;">Mr Collins further argued that despite Perth’s rental market being tight, tenants are capable of bearing further rental price hikes. </span></p>
<p><span style="font-weight: 400;">“We are the cheapest place to rent relative to our income. While it’s painful for some tenants, most are able to deal with the rental increase,” he stated. </span></p>
<p><span style="font-weight: 400;">Perth’s median rent price was stable in October, holding at $430 per week.</span></p>
<p><span style="font-weight: 400;">“In the last three months, we’ve only seen a $5 increase in rents in Perth, which is quite remarkable considering the vacancy rate remains low and competition amongst tenants to secure a rental is still high,” Mr Collins said.</span></p>
<p><span style="font-weight: 400;">CoreLogic’s data showed while gross rental yields have continued to diminish in other capital cities in October, landlords in Perth are still ahead of the rental market game. The city recorded a gross rental yield of 4.4 per cent over the month, falling only second to Darwin, who led the capital city pack with 6.1 per cent. </span></p>
<p><span style="font-weight: 400;">On an annual basis, both average house and unit rents in Perth rose by 13.1 per cent and 12.5 per cent, respectively. </span></p>
<p><span style="font-weight: 400;">Want to see the bigger picture of how rental markets around the country are performing? Check out our latest report on</span><a href="https://www.smartpropertyinvestment.com.au/property-management/23260-rental-prices-rise-at-fastest-pace-in-13-years" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;"> rental prices</span></a><span style="font-weight: 400;"> and </span><a href="https://www.smartpropertyinvestment.com.au/research/23282-most-expensive-and-affordable-suburbs-to-rent-in-across-australia-s-capital-cities" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">where are the most expensive (and affordable) suburbs to rent in across Australia’s capital cities. </span></a></p>
<p><b>Vacancy rates </b></p>
<p><span style="font-weight: 400;"></span><span style="font-weight: 400;">Perth’s vacancy rates hit multi-year lows in October after falling from 0.6 per cent to 0.5 per cent over the month, according to Domain.</span></p>
<p><span style="font-weight: 400;">Compared to the same period last year, vacancy rates in the city have declined from 0.7 per cent. </span></p>
<p><span style="font-weight: 400;">Further downward pressure could be placed on the vacancy rates in capital cities in the coming months, as the economy opens more broadly and tenants face a positive outlook of fewer lockdowns and a greater sense of job security, and as interstate travel resumes, Domain stated. </span></p>
<p><span style="font-weight: 400;">During the month, the areas with the highest vacancy rates were Perth City (1 per cent), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6151/south-perth>South Perth</a> (0.7 per cent), Cottesloe – <span class='b-autolinkshadowbox'>Claremont<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/tas/7011/claremont>Claremont, TAS</a> <a href=https://www.smartpropertyinvestment.com.au/data/wa/6010/claremont>Claremont, WA</a></span></span> (0.6 per cent), <span class='b-autolinkshadowbox'>Bayswater<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/wa/6053/bayswater>Bayswater, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/vic/3153/bayswater>Bayswater, VIC</a></span></span> – <a href=https://www.smartpropertyinvestment.com.au/data/wa/6054/bassendean>Bassendean</a> (0.6 per cent), <span class='b-autolinkshadowbox'>Belmont<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/qld/4153/belmont>Belmont, QLD</a> <a href=https://www.smartpropertyinvestment.com.au/data/vic/3216/belmont>Belmont, VIC</a> <a href=https://www.smartpropertyinvestment.com.au/data/nsw/2280/belmont>Belmont, NSW</a> <a href=https://www.smartpropertyinvestment.com.au/data/wa/6104/belmont>Belmont, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/qld/4153/belmont>Belmont, QLD</a></span></span> – <a href=https://www.smartpropertyinvestment.com.au/data/wa/6100/victoria-park>Victoria Park</a> (0.6 per cent). </span></p>
<p><span style="font-weight: 400;">Meanwhile, the areas with the lowest vacancy rates were <a href=https://www.smartpropertyinvestment.com.au/data/wa/6065/wanneroo>Wanneroo</a> (0.2 per cent), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6168/rockingham>Rockingham</a> (0.2 per cent), <a href=https://www.smartpropertyinvestment.com.au/data/sa/5440/cockburn>Cockburn</a> (0.2 per cent), <a href=https://www.smartpropertyinvestment.com.au/data/wa/6125/serpentine>Serpentine</a> – <a href=https://www.smartpropertyinvestment.com.au/data/wa/6124/jarrahdale>Jarrahdale</a> (0.3 per cent) and <span class='b-autolinkshadowbox'>Armadale<span class='b-autolinkshadowbox__links'><a href=https://www.smartpropertyinvestment.com.au/data/wa/6112/armadale>Armadale, WA</a> <a href=https://www.smartpropertyinvestment.com.au/data/vic/3143/armadale>Armadale, VIC</a></span></span> (0.3 per cent). </span></p>
<p><span style="font-weight: 400;"></span><b>What’s next for Perth’s property market? </b></p>
<p><span style="font-weight: 400;">While most experts see Perth continuing to notch gains until 2022, one of the big four banks predicts that the city’s property boom will hit a u-turn in 2023 in the face of an interest rate hike.</span></p>
<p><span style="font-weight: 400;">Commonwealth Bank economist Gareth Aird predicts the city will see a significant decline in house prices in 2023, forecasting property values in the city to drop by as much as 9 per cent. </span></p>
<p><span style="font-weight: 400;">“We still think prices will rise into next year, given interest rates are still very low and there’s still a pretty decent momentum behind the housing market,” the economist said. </span></p>
<p><span style="font-weight: 400;"><span>“</span>But the call for prices to fall is really about 2023, and the reason we think prices are going to fall is we think the Reserve Bank will be raising the cash rate because the economy will be doing very well, and higher interest rates will mean lower prices,” Mr Aird explained. </span></p>
<p><span style="font-weight: 400;">The chatter around interest rate hikes has been ramping up in the past few weeks, even after RBA governor Philip Lowe poured cold water on the chances of an interest rate hike in 2022 in the </span><a href="https://www.smartpropertyinvestment.com.au/finance/23278-rba-hands-down-november-cash-rate-decision" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">central bank’s latest cash rate decision</span></a><span style="font-weight: 400;">, saying that Australia’s economy <span>“</span>still has a way to go<span>”</span>.</span></p>
<p><span style="font-weight: 400;">Meanwhile, some economists remain bullish about the property market’s growth prospects beyond 2022, with Bluestone Home Loans consultant economist Dr Andrew <a href=https://www.smartpropertyinvestment.com.au/data/wa/6107/wilson>Wilson</a> describing Commonwealth Bank’s price drop forecast to be <span>“</span></span><a href="https://www.smartpropertyinvestment.com.au/research/23360-nonsensical-economist-shuts-down-10-price-drop-talk" target="_blank" rel="noopener noreferrer"><span style="font-weight: 400;">nonsensical<span>”</span></span></a><span style="font-weight: 400;">. </span></p>
<p><span style="font-weight: 400;">While acknowledging that the market will soften in 2022 – due to rising affordability barriers and lower demand – he argued price growth would remain.</span></p>
<p><span style="font-weight: 400;">He also reiterated that the RBA itself had outlined expectations for the cash rate to remain at the current level until 2024, based on the central bank’s wage rise requirements and inflation targeting.</span></p>
<p><span style="font-weight: 400;"><span>“</span>For wages growth to meet the RBA requirements for a rate rise by November 2022 – the date predicted by those forecasting record price falls in 2023 – would require an unprecedented surge in incomes over coming months,” he said.</span></p>
<p><span style="font-weight: 400;">For more insights, you can also check out our article on </span><a href="https://www.smartpropertyinvestment.com.au/research/23316-why-future-interest-rate-rises-won-t-spell-doom-and-gloom"><span style="font-weight: 400;">why future interest rate rises won’t spell doom and gloom</span></a><span style="font-weight: 400;">. </span></p>
<p><i><span style="font-weight: 400;">If you want to learn more about the latest industry expert insights on the property market, check out our amazing </span></i><a href="https://www.smartpropertyinvestment.com.au/podcasts"><i><span style="font-weight: 400;">podcasts</span></i></a><i><span style="font-weight: 400;">. Also, make sure to check our </span></i><a href="https://www.smartpropertyinvestment.com.au/news"><i><span style="font-weight: 400;">News Section</span></i></a><i><span style="font-weight: 400;"> for the latest property market reports, insights, news and useful tips and strategies for investors. </span></i></p><style>.b-glossaryTitle { font-family: "Noto Sans"; line-height: 1.8; font-size: 14px; font-weight: 700; padding: 0 0 5px 0; margin:0 0 15px 0; border-bottom:1px solid #d7d7d7 } .b-glossaryTerm { font-weight: bold; text-decoration: underline !important; }</style><h2 class="b-glossaryTitle">RELATED TERMS</h2><div><a class="b-glossaryTerm">Property</a><p>Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.</p></div><style>.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }</style>
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