Perth Property Growth Solution: Buy Off-the-Plan

Perth Market Update December 2024

Strong Growth in Property Prices

Perth is on track to lead Australia’s property market growth in 2025, with prices forecasted to climb another 8% to 10%—building on this year’s unexpected 21% surge. This trend is a clear sign for you to take action now, before prices climb even higher.

If you’re in the market for a home or investment, now’s the time to make your move. Locking in a property today means staying ahead of the competition and securing a place in this fast-growing market.

Take Chapel Hill for example. Now selling off-the-plan in the pre-construction phase, it’s an exceptional opportunity in South Como featuring a range of one, two, and three-bedroom apartments designed to capture sweeping views of the Swan and Canning Rivers.

This development allows you to lock in a premium property at today’s prices, setting yourself up ahead of Perth’s predicted market growth. You can visit this page to explore the apartments and see what makes Chapel Hill a standout offering in the Perth market.

With supply remaining tight and prices climbing, securing a home off-the-plan has never been timelier. The graph below highlights Perth property growth in 2024—a clear sign that now is the time to take advantage of this unique time in the Perth market.

Source: CoreLogic, ‘Monthly Housing Chart Pack’, December 2024. View Full Report.

Why Perth Stands Out From Other Markets

Unlike other states where markets are stagnant, in decline, or at their peak, Perth is on an upward trajectory for both houses and units.

Perth’s median house price in December was $808,090, significantly more affordable than Sydney’s median of $1,196,809.

For the first time in 20 years, Sydney and Melbourne will see a 60% gap between their median house prices—a stark contrast that highlights Perth’s unique opportunity for affordability and growth.

This combination of value and potential makes developments like Olive St. stand out. Now selling off-the-plan and set in one of Perth’s most desirable suburbs, Olive St. offers a selection of beautifully finished one, two, and three-bedroom apartments in Subiaco.

With construction well underway and completion forecasted for mid-2025, now is a prime time to secure a high-quality property in a market where demand continues to climb at a rapid rate. You can click here to learn more about this unique ‘Old Subi’ offering.

The graph below highlights median dwelling values across Australia and shows why Perth is perfectly positioned for buyers like you to take advantage of the market by purchasing off-the-plan.

Source: Property Update, ‘Change in dwelling values around Australia’, December 2024. View Full Update.

A Supply Shortage That Won’t Wait

The construction industry has faced significant challenges over recent years, resulting in record-low housing and apartment supply. Demand continues to outpace supply significantly, with experts estimating it will take 7-10 years for the market to fully catch up.

In December, there were just 4,583 properties available for sale in Perth—almost three times fewer than in December 2018. With supply tightening, off-the-plan properties are a smart choice if you’re looking to secure your place before the market tightens further.

If you’re looking to move a little sooner, developments like Modèle offer a unique opportunity in Como.

With construction completing in early 2025, Modèle offers a rare chance for you to enjoy a smooth transition into a luxury two-bedroom apartment or four-bedroom penthouse, all while staying ahead of the market’s projected growth. You can learn more about this boutique community right here.

Demand is Skyrocketing

With demand for Perth properties skyrocketing, now is the perfect time to consider off-the-plan opportunities.

Properties are selling in just 12 days on average, down from 50 days seen not long ago—leaving buyers scrambling to keep up.

Choosing an off-the-plan property gives you an edge in this competitive market.

There’s no need to worry about competing buyers, bidding wars, or endless home opens. You can lock in today’s price with just a deposit, securing a property ahead of rising demand—and you won’t need to pay anymore until completion.

Driving this demand are key factors such as:

• Increased immigration—WA recorded the strongest population growth in the country.

• Limited supply of available homes.

• Greater affordability compared to other capitals.

The graphic below highlights the sharp decline in Perth’s property listings and median selling days over the last five years, showing just how tight the market has become and why acting now could put you ahead of the competition.

Source: REIWA, ‘Perth market insights’, December 2024. View Full Insights.

The Rental Market Advantage For Investors

Perth’s rental market is experiencing a significant tightening, with vacancy rates at just 0.6%, well below the typical 5%.

This scarcity is leading to strong rental yields for investors and enhancing prospects for capital growth.

For those considering investment opportunities, developments like Chapel Hill, Modèle, and Olive St. offer a compelling mix of high rental returns and potential for future appreciation.

Chapel Hill

Stage 1 release offers a mix of 1, 2 and 3-bed apartments in South Como.

Olive St.

1, 2 & 3-bed apartments in Subiaco, completing in 2025.

Modèle

Boutique Como community of 1, 2 & 4-bed residences.

So, What’s Your Next Move?

With interest rates stabilising in 2024 and cuts expected in 2025, now’s the time to act. Perth’s off-the-plan market gives you a unique opportunity to secure a property at today’s prices as the market continues its growth cycle.

Whether you’re searching for your perfect home or your next investment, explore a selection of premium off-the-plan properties below:

CLICK HERE TO VIEW OUR OFF-THE-PLAN PROJECTS

We’ll be back next month with another Perth Market Update, sharing insights on how to capitalise on today’s market opportunities and set yourself up for success in 2025.

Statistic information has been sourced by REIWA, Domain, CoreLogic and Property Update valid as at December 2024.