Perth is currently the hottest real estate market in Australia—outperforming every other capital city with strong price growth and solid economic fundamentals. But what does that mean for those looking to get into their first home?
Despite rising prices and increased competition, first-home buyers (FHBs) in Perth still have a real opportunity to break into the market—sooner than they might think.
Perth’s Market is Booming—And Still Growing
Western Australia’s economy is leading the nation, with Perth home prices climbing steadily while other cities saw declines. In fact, Perth was one of just two cities where home values increased in December 2024, capping off an impressive 17.59% annual growth, according to PropTrack Senior Economist Anne Flaherty.
Several factors are driving this:
- Ongoing population growth
- A long-term housing shortage
- Strong investment interest from both locals and interstate buyers
- A thriving economy backed by mining and renewable energy industries
But even in this competitive environment, there’s still room for first-home buyers to make their move.