How to get a better understanding of your local property market

If you're a first-time buyer or it's been a while since you last waded into the Western Australian property market, figuring out where to start your property journey can be daunting. Especially in the current market where prices are rising, and stock is selling fast.

The good news for WA buyers is that we still have the most affordable housing in the country. In fact, a report released by the Real Estate Institute of Australia last month found Perth's median house sale price (currently $520,000) was the lowest of any capital city in any state or territory in the country.

Median prices

Whilst median house sale prices for overall regions are helpful for understanding market trends, they do not tell the full picture. That is why it is important to delve deeper to learn about market values, buyer habits and local trends.

For example, the overall Perth market recorded median house sale price growth of 13 per cent in 2021, however there were many suburbs that far exceeded this figure. Like Woodlands, which was the top price growth suburb in Perth last year, recording 35 per cent growth.

Suburb profiles

If you are interested in how a particular suburb is performing, you can visit the suburb profiles on reiwa.com. These profiles will give you the latest median prices for houses, units and land, as well as the suburb's one-, five- and 10-year growth rates. They also include lifestyle information and feature an interactive mapping tool that lets you easily compare suburbs.

FREE CoreLogic property reports

If there is a specific property you have in mind, or even if you want to know more about your own property, reiwa.com now provides free CoreLogic Property Reports for any address in the state. You can find out an address's estimated price range and investment potential, market trends for the area, sales and rental history and how it compares to other properties. It will also give you a suburb snapshot.

Local REIWA agents

And finally, your best asset when searching for property is the expertise of local REIWA real estate agents. Whilst data and statistics are important, an agent's on-the-ground experience and local market knowledge is invaluable.

More information

If you are thinking about buying, view reiwa.com's suburb profiles or download a CoreLogic property report today.

Alternatively, reach out to some local agencies who list properties in the areas you are interested in for advice or consider hiring a buyer's agent to do the leg work for you.