Units Still Providing Value
We are continuing to witness some impressive momentum in the Perth property market generally, and indeed locally, with the White House team achieving some outstanding results for our seller and owners in both March and April. REIWA has confirmed this momentum with updated growth forecasts for Perth’s property market in 2024.
What is continuing to fuel price growth? Despite some strides in new building completions, the pace hasn’t kept up with the rapid population growth, and economic stability and low unemployment are boosting consumer confidence which is combining to perpetuate the ongoing mismatch between supply and demand. This trend is expected to continue throughout 2024, keeping the market conditions tight.
A noteworthy development is in the unit market. While the gap between house and unit prices had been widening, making units a more accessible investment, we’re beginning to see a shift. This March, unit prices rose by 3.4 per cent, with a year-over-year increase of 6.3 per cent, signalling a potential turning point. Now, with the median unit price at $425,000 and climbing, it might just be the perfect time to consider a unit purchase, especially as we expect further growth.
REIWA’s latest reports suggest house prices could increase by up to 20 percent for the 2024 year. With house prices on the rise, units are becoming a smart choice for many, offering a more affordable gateway into home ownership or investment. This is especially true here at White House Property Partners, where we’ve just launched two new units to our market this week—ideal opportunities for those looking to step into the market or expand their investments.
As always, we’re here to help guide you through the market with expert advice and tailored opportunities. Whether you’re eyeing your first home, upgrading or downsizing or, indeed, seeking to invest, we are here to help you.
