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Introduction
Did you know that Perth’s median house price has only increased by about 24% in the last decade, while other Australian cities have seen much steeper rises? This intriguing statistic sets the stage for a deep dive into the Perth property market as we approach the end of 2024. In a rapidly evolving real estate landscape, understanding the nuances of local markets has never been more crucial for investors and homebuyers alike.
Today, we’re privileged to share exclusive insights from Simon Deering, a real estate professional with 28 years of experience and one of Perth’s leading buyer’s agents. As the co-founder of You&Me Personalised Property Services, Simon brings a wealth of knowledge and a unique perspective on the Perth property market.
In this comprehensive roundup, we’ll explore the current state of Perth’s real estate in late 2024, uncover hidden opportunities, and provide you with actionable advice to navigate this dynamic market. Whether you’re a first-time homebuyer, an experienced investor, or simply curious about the property landscape in Western Australia’s capital, this expert analysis will equip you with valuable information to make informed decisions.
Let’s dive into Simon Deering’s expert take on the Perth property market in Q4 2024, and discover why he believes Perth might just be the best value proposition in the country right now.
Meet the Top Real Estate Expert on Perth’s Property Market
Simon Deering is not just another voice in the crowded real estate space, he’s a veteran with nearly three decades of hands-on experience in the industry. As the co-founder of You&Me Personalised Property Services, Simon has established himself as a go-to buyer’s agent in Perth, known for his personalised approach and deep market insights.
With a career spanning 28 years, Simon has witnessed multiple property cycles, giving him a unique long-term perspective on market trends. His expertise isn’t just limited to Perth’s general market, he’s particularly adept at navigating the high-end property landscape, regularly handling transactions ranging from $1.5 million to $5 million in Perth’s affluent western suburbs.
Simon’s approach combines data-driven analysis with on-the-ground experience, allowing him to cut through market noise and provide actionable insights for his clients. His commitment to personalised service is evident in his company’s policy of working with only 50 clients per year, ensuring each receives dedicated attention from the founders themselves.
A proud “sandgroper” (a colloquial term for Western Australians), Simon brings not just professional expertise but also a genuine passion for Perth and its property market to the table. His insights are regularly sought after by both local and national media, making him a trusted voice in Australian real estate circles.
In-Depth Insights on Perth’s Property Market in Q4 2024
How would you characterise the current state of Perth’s property market, and what trends are you seeing?
Simon Deering: “The current Perth market in Q4 2024 is incredibly interesting. Looking back to 2014, the median house price was $683,000. Fast forward to 2024, and we’re just over $850,000. While this growth might seem modest, it actually indicates that Perth has a lot more room for growth compared to other Australian cities.
What’s exciting is that Perth is now the fastest-growing city across the country per capita, in line with Brisbane. We’re seeing a perfect storm of factors: a housing crisis, an affordability crisis, and Perth emerging as a solution to both. Unlike Sydney, Melbourne, or Brisbane, where infill development is almost impossible, Perth still has excellent land options and potential for infill. This, combined with proposed zoning changes in the Perth metro area, is creating numerous opportunities for homeowners and investors alike.”
What unique opportunities does the Perth market offer that other Australian cities might not?
Simon Deering: “Perth offers unparalleled value for money, especially when it comes to land. For about $695,000, you can still get a home with a good land proposition in Perth, often with the potential to add a granny flat. This is unheard of in other major Australian cities.
Another significant opportunity lies in the proposed zoning changes. These changes are opening up possibilities for future development, which savvy investors can capitalise on now. The lack of strict regulations around granny flats is also a huge plus, given the current rental shortage. This allows homeowners to generate additional income while helping to alleviate the housing crisis.
For those looking at the higher end of the market, Perth’s western suburbs offer exceptional value. Properties in the $1.5 million to $5 million range here often come with substantial land and prime locations, something that’s becoming increasingly rare in comparable areas of Sydney or Melbourne.”
How does the Perth market cater to different types of buyers, from first-time homeowners to luxury property investors?
Simon Deering: “What’s beautiful about the Perth market is that it has something for every budget and every type of buyer. For first-time buyers or those looking in the median price range, Perth offers the opportunity to enter the market with properties that still have good land value and potential for future growth or development.
In the luxury market, particularly in the western suburbs, we’re seeing a different dynamic. Here, it’s not just about investment returns; it’s about securing properties in prime school zones, finding ‘forever homes,’ and lifestyle considerations. These buyers are often looking at properties north of $1.5 million, all the way up to $5 million.
For investors, Perth presents a unique value proposition. The combination of relatively affordable prices, good land sizes, and the potential for adding value through developments like granny flats makes Perth an attractive option. It’s one of the few places where you can still get significantly more land for your money compared to other Australian cities.”
Key Takeaways: Essential Advice from a Perth Real Estate Leader
Perth’s property market shows significant potential for growth, with current prices indicating room for appreciation.
The city’s status as the fastest-growing per capita, coupled with affordability compared to other major cities, makes it an attractive market for various types of buyers.
Unique opportunities exist in Perth’s market, including the ability to add granny flats and capitalise on proposed zoning changes.
The western suburbs offer exceptional value in the luxury market, with properties offering substantial land in prime locations.
Perth caters to a wide range of buyers, from first-time homeowners to high-end investors, with options available at various price points.
The combination of affordable prices and good land sizes makes Perth particularly attractive for investors looking to maximise their returns.
There’s a clear consensus that Perth’s property market is uniquely positioned in the Australian real estate landscape. The combination of growth potential, affordability, and flexibility in development options sets it apart from other major cities.
How to Implement Perth Property Market Advice Effectively
Research Zoning Changes
Stay informed about proposed zoning changes in Perth’s metro area. This information can be crucial for identifying areas with potential for future development and value appreciation.
Consider Granny Flat Potential
When looking at properties, assess the potential for adding a granny flat. This can provide additional rental income and increase the overall value of your investment.
Focus on Land Value
Given Perth’s unique position in offering good land sizes, prioritise properties with substantial land when making purchase decisions.
Explore Different Suburbs
Don’t limit yourself to just one area. Perth’s market offers diverse opportunities across various suburbs, each with its own growth potential.
Think Long-Term
Remember Simon’s advice about property ownership winning in the long run. Consider how a property might perform over a 10-20 year period, not just immediate gains.
Seek Professional Advice
Given the complexities of the market, consider working with a buyer’s agent who has deep local knowledge and can provide personalised guidance.
Conclusion
As we’ve explored through Simon Deering’s expert insights, Perth’s property market in Q4 2024 presents a unique landscape of opportunity. From its potential for growth to its affordability compared to other major Australian cities, Perth offers a compelling proposition for homebuyers and investors alike.
The key takeaways – the city’s growth trajectory, the availability of land, the potential for value-adding through developments like granny flats, and the range of options across different price points – all point to a market ripe with possibility. Whether you’re looking for your first home, an investment property, or a luxury residence in the western suburbs, Perth seems to have something to offer.
As with any property decision, thorough research and professional advice are crucial. The strategies and insights shared by Simon Deering provide a valuable starting point for anyone considering entering or expanding their presence in the Perth property market.
We’d love to hear your thoughts and experiences with the Perth property market. Have you noticed these trends in your property journey?
Do you have questions about how to apply these insights to your specific situation?
Book you free discovery session with the team at You&Me Personalised Property Services for more personalised advice.
Remember, in the world of real estate, informed decisions are the best decisions. Stay curious, stay informed, and happy investing!
Video Transcript
Buyer's Agent, Co-Founder at You&Me Personalised Property Services