Perth hotspots soar 30 per cent but will the buying frenzy continue into 2024?

Homes in some Perth suburbs have shot up by more than 30 per cent as the frenzy for units and houses in the West Australian capital continues unabated. High demand has collided with tight stock supply and the result is significantly boosted property prices. As affordability issues start to bite, it is the unit market that has exceeded house price rises by almost 5 per cent throughout 2023. Real Estate Institute of Western Australia (REIWA) data shows sale price growth for units in West Leederville, which has a median price of $499,500, grew the most over the year (to the end of November) by 31.3 per cent. The suburb with the highest sale price growth for Perth houses was North Fremantle, where house price growth was 26.7 per cent resulting in a median price of $1.6 million.

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