Perth Property Market Set to Soar: KPMG Report Predicts 8.4% Growth in FY24

Perth's property market is on the brink of a significant upswing, according to a recent property report released by KPMG. The report highlights the forecasted growth in property prices across Australia's capital cities, and Perth is poised to outperform other cities with its impressive 8.4% growth in FY24.

The KPMG report projects a national increase in house prices by 4.9% over the next nine months, followed by a remarkable surge of 9.4% in the year leading up to June 2025. These promising figures suggest a robust and thriving property market in Australia.

Dr. Brendan Rynne, KPMG's Chief Economist, attributes this growth to a combination of factors, including constrained supply and high demand. Limited availability of land, declining approvals for construction, and rising construction costs have contributed to the scarcity of new dwellings, ultimately driving up property prices.

Furthermore, other factors, such as increased migration, potential interest rate cuts in FY25, and relaxed lending conditions, are expected to fuel demand. Renters looking to transition to homeownership due to high rental costs also play a role in driving up property prices.

Perth's property market is not an isolated case. The report reveals that property market dynamics vary across different cities. Adelaide, for instance, saw house prices rise by an extraordinary 40% from June 2020 to June 2023.

In summary, Perth's property market is primed for substantial growth in FY24, making it an attractive destination for property investors and potential homeowners. With limited supply, increasing demand, and various other contributing factors, Perth is emerging as a top contender in Australia's booming property market.

To learn more about the exciting property opportunities in Perth, contact your property mentor or email enquiries@propertyclub.com.au.

Source: KPMG Property Report, September 25, 2023 https://kpmg.com/au/en/home/media/press-releases/2023/09/house-prices-to-surge-in-fy25.html