As we head into the festive season, Perth’s property market continues to shine, outperforming other capitals across the nation. Let’s dive into the latest trends and opportunities in Perth’s real estate landscape.
Perth Property Market Leads the Way
While national property prices grew by just 0.1% in November, marking the weakest monthly growth since January 2023, Perth emerged as a standout performer with a 1.1% rise. This increase pushes Perth’s median dwelling value to $785,250, surpassing Melbourne’s for the first time since 2015.
Factors driving Perth’s success include low housing stock—down more than 40% compared to the five-year average—and continued strong buyer demand.
For more insights, visit CoreLogic’s Home Value Index.
Federal Government’s Help to Buy Scheme
If you’re a first-time buyer or looking to re-enter the market, the Federal Government’s Help to Buy Scheme offers a unique opportunity. This shared equity program enables eligible buyers to co-purchase with the government, receiving up to:
- 40% of the price for a new home.
- 30% of the price for an existing home.
With just a 2% deposit required and no lender’s mortgage insurance, this scheme significantly reduces the financial barriers to homeownership.
Learn more about the scheme and eligibility criteria here.
Interest Rates: What’s Next?
The Reserve Bank of Australia (RBA) held the cash rate steady at 4.35% in December, with inflation trending lower. Headline inflation fell to 2.8% in the September quarter, down from 3.8% in June, thanks in part to declining electricity and fuel prices.
However, underlying inflation remains elevated at 3.5%, keeping rates restrictive. Economists now expect the first rate cut to arrive no earlier than May 2025.
For the latest updates on interest rates, visit the RBA Media Centre.
A Snapshot of the Numbers
- National Trends: Dwelling values increased 0.1% in November.
- Perth: Prices rose by 1.1%—the strongest growth among all capitals.
- Supply Shortages: Listings remain 40% below historical averages.
- Auction Activity: Perth’s preliminary clearance rate stood at 44%.
For further details, explore the CoreLogic Daily Home Value Index and ABC News market summary.
Why Choose Fox Mortgages?
At Fox Mortgages, we take the complexity out of home financing. Whether you’re exploring the Help to Buy Scheme, comparing interest rates, or simply seeking tailored lending solution, our Perth-based experts are here to guide you every step of the way.
Visit the following resources for deeper insights:
Start your 2025 property journey with confidence. Contact us today to explore your options!