'Like a desert': Conditions cool in hottest capital city, but there's a catch

The Perth property market has cooled slightly from its peak conditions but remains resilient due to strong population growth and limited housing supply. Here are the key points:

1. Cooling Conditions:

   • The rapid price increases have slowed, with house prices growing at a 34% annual rate in June compared to 50% in February.
   • Unit prices also saw a slowdown, growing by 27% annually in June from 68% in January.

2. Regional Performance:

   • Bicton had the fastest-growing house prices for the year ending June, with a median price of $1.9 million and an annual growth rate of 35%.
   • East Fremantle saw some of the fastest-growing unit prices, with a median price of $700,000 and a 42% increase.

3. Market Dynamics:

   • Listings are improving but remain tight compared to historical norms.
   • Buyers have more confidence to negotiate, while sellers are adjusting their expectations based on current market conditions rather than past prices.

4. Buyer Sentiment:

   • The hyper-urgent buying environment has eased, allowing buyers more time and choice in the

Read the full article at Property News - Latest Real Estate Market News

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