many areas they are still below the previous peak in 2014/15. REIWA predicts the next 12 months is likely to show a moderate growth of between 2-5 % and based on current market expectations, interest rates are anticipated to have minimal impact on the WA market, in contrast to other states. W ith all this in mind ar en't you glad you live in WA in 2023? Provincial Real Estate 'the home of new beginnings' Kind regards, B.Ciocca Ben Ciocca Principal/Licensee Provincial Real Estate Reflecting on 2024 After a wave of real estate growth since 2021 there was some speculation whether Perth was going to continue its extraordinary growth trends in 2024. Latest figures at the end of October show Perth as a whole has seen a super impressive 24.5% in median house price growth in 2024, with Perth median house prices rising to $710,00 by the end of October (REIWA). So what's caused this growth to continue? The core influencing factors have remained steady, they are a thriving local economy, strong mining sector, shortage of homes, high rental demand, historically lowish interest rates, government incentives for first home buyers and new builds and population growth from overseas and interstate. All such contributing factors not only naturally propel the market but also give the market confidence now and in the near future. So where to from here in 2025? According to 'HereProperty' based on the trajectory of Perth house prices, Perth's median price for a house is expected to range anywhere between $840,000 to $856,000 by the end of 2025. Which is no less than an extra $140,000 from the $697,000 Perth property prices recorded in August of 2024. That is to say that house prices will probably be rising strongly (until more properties are built). We should also mention if stock levels don't increase and if interest rates drop in 2025, this could also add more fuel to an already growing real estate market in Perth. Festive Wishes and Spare a Thought or a Donation Although our real estate market is in an extraordinary and exciting growth phase for some, it is also causing financial implications and challenges for so many West Australians. Provincial Real Estate is a proud supporter of 'The Salvation Army'. Any support or a donation of any amount you can spare would be greatly appreciated. To support you can visit salvationarmy.org.au or donate non perishable goods or toys to the collection basket in our office located at Shop 2, 3 Canning Road, Kalamunda (next to Red Rooster). The Provincial Team wishes everyone a safe and festive season and would like to thank all our clients so much for their support over the past year! insights & news WHAT A YEAR IN REAL ESTATE!
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