Floreat Market Report
March 2024
Market Update
BOOM OR BUST MOVING FORWARD
Perth led the charge in house price growth across Australian capital cities in the final quarter of 2023 and this performance has carried on through the first quarter of 2024 Despite this, Perth maintains its status as the second most affordable capital city in the nation.
The median sale price for three-bedroom houses in Perth experienced a notable increase of 7 5 per cent over the last quarter in 2023, reaching $645,000 In comparison, the national median price for three-bedroom houses saw a more modest rise of 1 8 per cent, reaching $1,005,242.
The population growth in WA continues to outpace that of any other state in the country, showing no signs of slowing down as government projections are revised upward This sustained growth is expected to keep pressure on both the sales and rental markets in WA, resulting in further escalation of house prices and rents, swift turnover of properties, and a consistently low rental vacancy rate
Should the current trajectory of price growth persist, projections suggest that the median home price in Perth could surpass $850,000 by early to mid-2025 This forecast stems from the combination of robust migration patterns and persistent shortages in housing supply.
Looks like we are continuing into “boom” territory Please feel free to get in contact if you would like to know more about how this applies more directly to your property
Emily
FLOREAT MEDIAN VALUE ANNUAL GROWTH 11.1% FLOREAT MEDIAN DAYS ON MARKET 14 FLOREAT MEDIAN VALUE $1.93M FLOREAT HOMES CURRENTLY ON THE MARKET 6 FLOREAT MEDIAN RENTAL VALUE $1,000 FLOREAT PROPERTIES SOLD Q1 2024 25
Q1 2024 Sales
Address Cars Beds Baths Price Sqm
29 Athlone Road 3 1 4 809 $2,230,000 75B Evandale Street- - 689 $1,520,000 15 Ferndale Street 4 2 2 888 $2,800,000 12 Champion Crescent 3 2 2 275 $2,175,000 51 Donegal Road 4 2 2 850 $2,300,000 16 Kinross Crescent 3 1 1 807 $1,750,000 19 Kenmore Crescent 5 2 2 809 $2,050,000 106 Grovedale Road 4 2 2 905 $3,608,000 16 Dumfries Road 3 1 1 890 $1,432,000 23 Kinross Crescent- 809 $1,740,000 4 11 Kirwan Street 2 2 905 $1,365,000 2 Kirwan Street 4 2 2 943 $1,705,000 3 97 Lissadell Street 1 2 835 $1,720,000
Q1 2024 Sales
Address Cars Beds Baths Price Sqm
99C Lissadell Street 3 2 2 481 $1,725,000 89 Newry Street 4 2 2 913 $2,275,000 6 Oceanic Drive 3 2 4 837 $1,570,000 3 Louth Road 5 2 2 918 $1,850,000 62 Meagher Drive 3 2 2 230 $2,200,000 276A Salvado Road 3 2 3 391 $1,400,000 35 Oceanic Drive 4 1 2 809 $1,600,000 33 Oceanic Drive 4 2 2 809 $1,840,000 20 Moray Avenue 4 2 2 789 $2,650,000 12 Shannon Street 3 2 2 875 $2,302,000 4 88 The Boulevard 2 1 837 $1,650,000 3 Steeplechase Green 3 2 2 238 $1,925,000
Emily Hiskins Floreat Property Specialist 0403 304 943 emily@mintrealestate com au