Let’s take a quick look at what’s happening across the market, starting with Perth.
As we move into August, Australia’s property market continues to evolve, with momentum slowing across many markets and buyer and seller expectations beginning to shift. While conditions are becoming more challenging, there are still opportunities for those who understand the market and adapt their strategy.
Here’s a look at the latest July market insights and what they could mean for property professionals, buyers, and sellers heading into August.
Australia’s property market continues to soften, with the downturn now extending beyond major capital cities into some regional markets. Sydney and Melbourne remain among the weakest performers, while changing buyer demand is prompting sellers to adjust their expectations.
Higher-End Properties Under Pressure
Higher-value properties are feeling the impact most. Nationally, upper-quartile home values fell 3.2% over the three months to July, compared with a 0.3% increase in lower-priced properties.
Perth Market Shifting
Perth recorded a modest 0.1% increase, following a revised 0.5% decline in June. However, sales activity remains encouraging, with 773 transactionsrecorded in the week ending 9 August—up 3.8% from the previous week.
There were 6,852 properties for sale, up 111.5% from the same time last year, giving buyers more choice while still remaining below levels that would suggest serious oversupply.
Regional & Rental Markets
Regional markets are also beginning to lose momentum, although regional South Australia and Western Australia remain relatively strong, with values rising 1.5% and 0.9% respectively.
Perth’s rental market remains tight, with just 2,268 properties available. Only 502 properties were leased last week, down 22.8% from the previous week.
A Positive Sign
Annual trimmed mean inflation remained at 3.6% in June, providing some optimism that further interest rate increases may not be necessary.
The market is shifting, not collapsing. As we move through August, staying informed, understanding local conditions and adapting strategies will be key for buyers, sellers and property professionals.
Cheers
Ryan
