WA real estate: Experts reveal their Perth property predictions for 2023

In 2022, the strong WA economy, resources sector and housing affordability helped the Perth residential property market remain more resilient than other states to successive interest rate rises.

Meanwhile, the rental shortage continued to produce significant challenges for many Western Australians.

So, what will the new year bring?

PerthNow Residential asked industry experts to share their thoughts on what to expect in 2023.

Camera IconFinbar chief operations officer Ronald Chan, Blackburne Managing Director Paul Blackburne, REIWA chief executive Cath Hart, UDIA WA chief executive Tanya Steinbeck, REIA President Hayden Groves. Credit: Supplied



Sales remained strong in Perth in 2022, with the average weekly sales reported by REIWA members sitting at 895 — up just 2.87 per cent from 870 in 2021. We anticipate sales volumes to remain at about this level in 2023.

As building completions increase over the next 12-18 months, we anticipate that listings will start to increase, however, they will remain below historic averages.

The low supply and strong demand will maintain a relatively steady state for WA house prices over the coming 12 months.

Currently, the Perth established home market is weathering interest rate changes well, supported by a strong economy, low unemployment and population growth.

In addition, Perth is also the most affordable capital city in Australia, which has allowed buyers and mortgage holders to absorb interest rate increases so far.

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