2024-01-24-莱坊-Perth_Residential_Insight_Q4_2023_4页_850kb

Perth Residential Market Summary - Q4 2023

Core Content Overview

This report provides an analysis of the residential market in Greater Perth for the September 2023 quarter, highlighting trends in sales, rental performance, and new construction. It also includes forecasts for the next few years, supported by economic and financial indicators.

Mainstream Sales Performance

• Sales Volume: Mainstream sales volume in Greater Perth fell by 26.7% in the September 2023 quarter, with 47,444 residential homes sold.
• Annual Sales Volume: Annual sales volume was down by 14.9% compared to the previous year.
• Days on Market: The average days on market for a home was 46 days in September 2023, down from 60 days three months earlier and 55 days one year ago.
• Auction Clearance Rate: The auction clearance rate was 31.6% from 19 scheduled auctions, a significant increase from 0.0% in the prior quarter.

Price Performance

• Median Residential Value: The median residential value in Greater Perth was $640,500 at the end of September 2023.
• Annual Price Growth: Residential property prices rose by 9.6% in the year to September 2023.
• Quarterly Price Growth: Prices increased by 3.1% in the last quarter.
• Price Forecast: Knight Frank Research forecasts an average annual price growth of 12% in 2023, 7% in 2024, and 6% in 2025.

Rental Market Performance

• Vacancy Rate: The total residential rental vacancy rate in September 2023 was 0.7%, up by 10 bps from the previous year. A 3% vacancy rate is considered balanced.
• Gross Rental Yields: Gross rental yields rose by 21 bps to 5.58% in the year ending September 2023.
• Rental Growth: Residential rents increased by 3.6% in the September 2023 quarter and 20.8% annually, averaging $580 per week.
• Rental Forecast: Knight Frank Research predicts rent growth of 22% in 2023, 11% in 2024, and 8% in 2025.

New Builds

• Building Approvals: Annual building approvals in September 2023 totaled 11,131 additional dwellings, down 25.0% from the previous year.
• House Approvals: House approvals were 21.8% lower than the year earlier.
• Apartment Approvals: Apartment approvals were 42.4% lower than the year earlier.
• Total Approved Dwellings: 9,807 houses and 1,324 apartments were approved in September 2023.

Key Economic and Demographic Indicators

Established Houses Market

• Median House Value: $714,000 at the end of September 2023.
• Annual Price Growth: Median house values increased by 10.4% in the year to September 2023.
• Quarterly Price Growth: House prices rose by 3.0% in the last quarter.
• Rental Growth: House rents grew by 20.0% annually and 3.4% in the September 2023 quarter, averaging $600 per week.
• Gross Rental Yields: Gross rental yields for houses were 5.38%, up 18 bps from the previous year.

Established Apartments Market

• Median Apartment Value: $379,500 at the end of September 2023.
• Annual Price Growth: Median apartment values rose by 4.3% in the year to September 2023.
• Quarterly Price Growth: Apartment prices increased by 3.3% in the last quarter.
• Rental Growth: Apartment rents grew by 19.0% annually and 4.2% in the September 2023 quarter, averaging $500 per week.
• Gross Rental Yields: Gross rental yields for apartments increased by 31 bps to 6.31% in the year ending September 2023.

Residential Market Forecast

Source: Knight Frank Research

Key Drivers

• WA Economic Growth: Expected to grow at an average of 2.8% from 2023 to 2025.
• Unemployment Rate: Forecasted to rise to 4.1% by 2025.
• Cash Rate Target: Projected to average 4.1% by 2025.

Contact Information

• Residential Research: Michelle Ciesielski
  Email: michelle.ciesielski@au.knightfrank.com
  Phone: +61290366659

• Residential Site Sales: Tony Delich
  Email: tony.delich@au.knightfrank.com
  Phone: +61418926410

• Franchise Partnerships: Sally Edvardsen
  Email: sally.edvardsen@au.knightfrank.com
  Phone: +61290366845

• Residential: Erin van Tuil
  Email: erin.vantuil@au.knightfrank.com
  Phone: +61409325700

• Valuations: Chris Hill
  Email: chris.hill@au.knightfrank.com
  Phone: +61438807249