Why is the Perth property market booming?

August 2, 2023

When we think about Perth, we associate it with some of Australia’s most stunning beaches, extreme temperatures, more than an average amount of wind – apparently, it is one of the windiest cities in the world - and white pointers.

However, there is clearly more to the City of Lights than meets the eye. In recent months, the Perth property market has boomed and the growth looks unlikely to stop anytime soon thanks to its massive population growth and ongoing and future investments in energy and natural resources. 

"Perth is the only capital city where dwelling values have returned to record highs" (WAtoday)

Perth may be the most remote city in Australia, but it is slowly establishing itself as a major player in the property market. Instagram captions like the one below prove the city’s growing appeal to national and international migrants.

“I’m in a good place right now. Not emotionally, I’m just in Perth” 

But to fully understand why the Perth property market has boomed, we must look at the bigger picture. Because, clearly, there is more to the city's popularity than a stunning landscape and a few...well...pretty nice beaches. In fact, there is an abundance of reasons people choose to live in and around the city.

The most obvious is the city's strong economy. Thanks to a wealth of natural resources – the main ones being iron ore, natural gas, gold, alumina, and nickel – there are plenty of jobs in Perth for job-seekers and the city’s infrastructure has been cleverly designed to support the inevitable growth that comes with the inevitable population growth. (We should note here, however, that a current shortage in housing is likely one of the biggest influences in this latest surge in property prices).

Perth property market
A strong economy, guaranteed employment and a dream landscape have created a booming Perth property market.

But what else has contributed to Perth's growing population? What are the city's UNIQUE selling points?

According to the latest CoreLogic data: “While most other markets have since seen significant price corrections, Perth’s declines ended up being very minimal.” 

And with a national unemployment rate of under 4%, job security can't be the only attraction. Surely, Perth must have something else.

It does.

  1. The perfect climate. Perth enjoys more hours of sunshine than any other city in Australia. Due to the sheer size of our nation, we have many micro-climates, but many would argue that Perth’s mild winters and hot summers are one of the best.
  2. Nineteen stunning beaches - Perth's beaches, such as Scarborough, Port, and Cottesloe are renowned around the world as some of the most picturesque beaches in Australia.
  3. The best in Australian wildlife – Home to Tasmanian devils, wombats, possums, dingos, quoll, flying fox, emus, owls and reptiles, the city has an extensive range of wildlife and national parks such as Caversham Wildlife Park which offer the perfect opportunity for visitors to interact with the animals.
  4. Pride in its achievements and its historical request for secession – It’s no secret that in 1933 WA voted (and won) a referendum to leave the Australian federation and a large proportion of the population would still like that separation. Albeit unlikely to happen, this long-held desire for independence has its roots in the state’s geographical location and distance from the other states, not to mention the residents' discontent about the financial dependence of other Australian states on their natural assets in exchange for – they say - little reward from the federal government. As local man, Petey Bradshaw explains: “There’s no denying we have a somewhat parochial attitude in many aspects, but we are essentially an island of our own, separated by a sea of desert and sparsity from the rest of the nation, and the Indian Ocean on the other side. Singapore, Bali and Jakarta are closer than Sydney.”
  5. The non-stop flight to London and (soon-to-be) New York - With a flight time of just over 17 hours to London, this trip is a game-changer for European migrants returning back home, tourists, and international commuters. Furthermore, Perth’s proximity to Asia, and in particular Bali - a second home for many Aussies - is another draw.
  6. An open layout, with a network of green spaces, makes Perth a healthier habitat for those who love the outdoor lifestyle or are raising young families.
  7. A reputation as a diverse foodie paradise - From WA’s creation of the Hamdog to world-class, fine dining experiences, the city’s diverse selection of culinary offerings is giving Sydney and Melbourne a real run for their money.
  8. A renowned beer culture – Craft beers and breweries such as Little Creatures are now becoming synonymous with Perth.

A growing city in a vast state that still has untapped potential, Perth is closer to Singapore than Sydney, it is fiercely proud of its history and contribution to the national economy, and it knows exactly how to play to its strengths - without sacrificing the infamous Aussie value of not taking ourselves too seriously. Having successfully marketed its unique selling points – climate, landscape, strong economy and employment – understandably, it has attracted an influx of migrants (somewhat ahead of the construction industry catching up :() and is now reaping the rewards.

Strong population growth and ongoing investment are likely to continue supporting Perth home prices.” (The Property Tribune)

But it will catch up. With many new projects on the way, property experts predict that prices will eventually level out, but remain strong overall.

Are you looking to buy a property?

If you are looking to get into the Perth property market, or in fact, get into the property market no matter the location in Australia, have you considered being a step ahead of everyone else by finding an off-market property? We know the past 12 months have been a challenging real estate environment, but this week's reprieve from the RBA was GOOD news.

We ask as the no. 1 place for off-market properties in Australia with an impressive portfolio of listings from around the country, one of which may be your dream home or next property investment. Our point of difference is that we care. We're here to support property buyers at every stage of their purchase. If you sign up today we give you free access to our stunning portfolio. But, if you need more help, let our Buyer Assist service remove some of the stress from finding your next home. 


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