This growing population is a significant factor contributing to the rising property prices across Western Australia.

Western Australia's population has surpassed 3 million, largely driven by overseas migration, which has intensified the demand for housing in the region.

Perth's median house sale price is projected to increase by 25% in 2024, potentially reaching $750,000 by the end of the year.

Additionally, the median unit sale price hit a record high of $470,000 in September 2024, reflecting a 14.1% increase from the end of 2023.

Looking ahead, the median unit sale price may rise by around 20%, likely exceeding $500,000 by December 2024.

The rental market is also showing signs of moderation, with vacancy rates increasing from 0.4% in March 2024 to 1.6% by September 2024.

While Perth's median dwelling and house rent prices have remained stable at $650 per week, the median unit rent price increased to $640 per week, marking a 12.3% rise since December 2023.

Potential changes in interest rates could also create hesitation among buyers, impacting dwelling price growth into 2025.

REIWA CEO Cath Hart noted that a significant change in market conditions would be necessary to slow down the growth of dwelling prices in Perth.

Despite improvements in new home construction times, overall housing completions in Perth remain low, sustaining high demand for established homes.

Upcoming federal and WA elections in early March and before May 2024 may slow market activity as buyers and sellers await the outcomes, particularly since housing is a key policy area.

Growth in median house sale prices will vary by region, with areas like Bunbury and Busselton expected to see around 25% growth, while regions such as Albany, Broome, and Geraldton may experience increases between 10% to 15%.