Perth was undoubtedly the capital growth star of Australian real estate in 2023, with the highest increases in median prices both for houses and for apartments, slightly ahead of Brisbane in both categories.

 

Perth continues to be a busy market with good buyer demand – but we are now seeing the first signs of moderation in the three-year Perth property boom, as sales activity starts to taper off from the recent highs.

 

For the first time in three years, suburbs with negative classifications are almost as numerous as the positive ones. And in the latest quarterly edition of The Price Predictor Index, the market-share of Perth suburbs with positive rankings has dropped from 79% to 54%.

 

While the Perth market remains solid, it’s no longer a national leader in sales momentum – and right now some of the best options for investors in Western Australia are regional cities outside of Perth.

 

So our new Top 5 Perth and WA Hotspots report features some of the best prospects in Regional WA, as well as locations which continue to show buoyancy in Perth.

 

Some sectors of the Greater Perth market continue to attract good buyer demand, including the City of Perth LGA, which comprises the inner-city suburbs, reflecting a national trend where inner-city apartment markets in the major cities are attracting high buyer demand.

 

They include East Perth and West Perth, which both have median unit prices in the $400,000s.

 

Outer-ring markets offering affordability are still travelling well, including the City of Armadale and the City of Rockingham in the far south of Greater Perth.

 

Overall, there continue to be some good prospects for buyers in Perth, but you need to be more selective than before – and some of the best bets in WA are now in regional cities.