Perth's property prices are projected to soar by 30% by 2027 due to a significant undersupply of housing and population growth.

In 2023, Perth led Australia's capital cities with a 14.2% rise in median house prices, setting a new record sale price of $620,000 in March.

Population growth in Perth is exceeding 3% annually, bolstered by a strong job market and relatively affordable housing, contributing to high demand.

Listings in February 2024 dropped by over 23%, reflecting the ongoing strong demand for housing in the city.

Interest rate cuts expected from late 2024, combined with the persistent housing shortage, are likely to further accelerate property price increases in 2025.

Despite rising interest rates impacting affordability, Perth's housing market is anticipated to maintain double-digit price growth in the short term.