“Of the loss-making unit resales in Perth, of which there were approximately 450, 46 per cent were in the inner-city local government areas of Perth, Vincent and Subiaco,” she said.
“While these three LGA regions maintained a relatively high rate of loss-making sales (averaging 29 per cent across the unit segment), this is down from an average loss-making sales rate of 38 per cent in the previous quarter.”
As of May 2024, combined unit values in Subiaco and Vincent units reached record highs, while Perth LGA values were just -1.4 per cent below the record high in June 2013, and increased 5.3 per cent in the past three months.
Strategic Property Group managing director Trent Fleskens said the latest CoreLogic data showed that on average, Perth’s market was finally breaking through its previous highs of 2014, and those who held on for the ride were being rewarded.
“This isn’t the end of the ride though – there’s plenty more to come from this market,” he said.
“Each month from here on in for a while to come will see reports of record after record being broken, which will be our new norm.
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“The last market left in this space is the inner-city used apartment market, which is quickly being eaten up by those seeking value and affordability.
“Let’s not forget, Sydney’s market went through the better part of a decade of profit making, and still, as unaffordable as it is, it is tipped to break further records this year. Unless we fix our supply constraints, Sydney’s market is just a look into our future.”
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