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Property experts have forecast a return to city living and a rise in the market share of previously maligned suburbs as Perth’s three-year property boom shows signs of moderation.
While the Perth market remains vibrant, it’s no longer a national leader in sales momentum according to Canstar’s annual Rising Stars report, which examined a series of forward-looking indicators to provide insight into the markets primed for price growth in 2024.
Balcatta has been named a rising star in a new property report. Credit: Ross Swanborough
This included sales volumes, price growth, vacancy rates and rental growth, plus infrastructure spending and planned amenities.
Canstar money expert Effie Zahos said Perth scored highly on three of the metrics, but was relatively weak on two others, and the overall ranking for Perth was fourth, although it was close behind the top three (Brisbane, Adelaide and Sydney).
Zahos said affordability and lifestyle benefits were the biggest drawcards for regional living recently, but property prices have surged in popular regional areas as more Australians made the exodus from capital cities.
“The allure of urban living is piquing our interest again as many companies mandate the return-to-office with a range of perks such as flexible work options, office catering, subsidised transport or parking incentives, social events, in-personal professional development opportunities,” she said.
“Add to this the thriving economies, ongoing infrastructure spending and big-name events hitting our key cities, and it’s easy to see why our capital cities are shining – the lights are back on for sure.”
The report, prepared with property podcast Hotspotting, predicted prices would likely rise again in 2024, but the WA capital was unlikely to be the national leader this year.
Hotspotting property expert Terry Ryder said there had been a shake-up in the rankings of Australian real estate markets when comparing results from the last few years to the latest Rising Stars Report.
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