2024 – a year of extremes in the Perth property market.

Stock levels hit crazy lows of 3200 and buyers fought hard to secure homes.

We are seeing that all slowly change as the market starts its journey towards normality (what even is that?!).

With Perth metro stock levels up to 5500 and trending up.

The fundamentals remain tight, Western Australia enjoys full employment, and the inability to build a new supply of homes ensures upward price pressure for the foreseeable future.

As the cost of living escalates, with the real cost of living even tougher today than in 1991 (the recession we had to have), there is the expectation of an interest rate cut. 

Unfortunately the Reserve Bank wants unemployment to rise before they will consider this, so the carrot of cheaper mortgages may well be late next year or even beyond.

Next year is going to be a brave new world with the post covid abundance, government largess and liquidity behind us, assets will start to re-price.

Inevitably “B” class real estate will correct in price (poor location or poorly maintained) and the opposite will also be true with quality homes in good locations continuing to command a premium.

We plan to hit the ground running in January with a selection of beautifully presented and well located homes.

We at Baston and Co. are thankful for the year that was, a year of awesome clients and advocates and fantastic outcomes.

We were privileged to be able to help many people realise their dream of moving home, something we don’t take for granted.

Catch you all on the flip side in January 2025!

Merry Christmas from Lee and Derek and the crew at Baston and Co.