Perth Property Market Surge: Home Values Up Nearly 20% as Demand Drives Growth
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It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. Hey, welcome back to the Real Estate Breakfast, independent property insights for smarter Australian buyers and investors just like you. Yes, we've got the numbers, we've got the trends. and the stories that are shaping Aussie real estate. It has been another busy week, don't know about you, plenty of property searches, disappointments and frustrations probably. Welcome to the nightmare of finding a place to call home in 2026. It is a Friday, though, the end of our working week. It is March the 13th.
What are the current trends in the Perth property market?
James Taylor and Liza Minnelli both celebrating a birthday, 78 and 80 years old, respectively. If you're celebrating many happy returns. And I see that it was on this day the proposal for what would become the World Wide Web was submitted, laying the foundations for the internet as we know it. And that happened on this day back in 1989. In 2014 on this day, the Malaysia Airlines Flight 370 was lost and that mystery continues. And from mystery to WA property market, Perth's real estate has been one of the standout stories in Australia over the past few years. We know it because we've been talking about it. Prices have surged. Demand has stayed strong. The population growth, we're going to talk about this in just a moment, is now adding even more pressure to an already tight, tight market.
New data from PropTrack shows that home values in Perth jumped nearly 20% over the past year alone and have almost doubled since 2021. So lots to talk about. Let's take you to Perth and catch up with Travis Coleman, the head of WA for Bell Property. And good morning to you, Travis. Welcome back to the Real Estate Breakfast. You were telling me just off air, you're a little bit of a surfer. You like getting into that ocean. Oh gosh, that's right. I'm a mad keen surfer over here, like a lot of proud West Australians are. We've got a beautiful coastline to explore and I absolutely love it. Yeah, as you say, beautiful coastline, fantastic surfing. Unfortunately, you would never catch me in the ocean, particularly in WA, just because of these sharks that are roaming around looking for something to eat.
There sure are a few more men in grey suits, as we call them. I like to play a numbers game, and as long as there's quite a few surfers at a particular break, we try and work together to make sure that we're safe and have a great time in the ocean. Well, stay safe is probably the only thing I can say to you with regard to that. Now, as I say, Perth has become Australia's strongest performing capital city property market over the past five years. Just to throw up another stat here, home values have climbed around 98% since 2021. That is huge, isn't it? I know it's been an amazing few years over here in Western Australia where Perth has really gone from one of the weakest capital city markets after the mining downturn we experienced to arguably the strongest performer in Australia.
Looking at what's driven that, it's probably a combination of strong population growth, really tight housing supply and relative affordability when compared to the rest of the country. Good point, because one of the biggest drivers behind Perth's property growth is that population. And this, of course, is after years of population losses. How quickly we forget that you were in an area that was losing a lot of people following the mining boom. The trend is now reversed and the housing demand is back well and truly. Absolutely. You know, since that mining downturn, you're right, everyone was leaving Western Australia, but now it's totally reversed. And look, interstate migration, overseas migration, mainly due to the jobs in resources and infrastructure that we've got.
The catch-22 of that has been that supply hasn't kept up. Buildings slowed through that period as well, and construction costs have increased through the roof over that time. plus which has had an adverse effect on our planning pipeline. So there's simply not enough homes for the people arriving at the moment.
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