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In January 2023, five Western Australian property figures told PerthNow they expected tight supply to keep both the house and rental markets firm through 2023. Cath Hart of REIWA expected Perth house prices to stay relatively steady, Hayden Groves of REIA expected the residential market to hold its gains, and Paul Blackburne forecast modest apartment price growth. These were forecasts made at the start of 2023, not measured outcomes, so they are best read as a snapshot of industry sentiment at that time.
How to read these forecasts
The PerthNow report, published January 11, 2023, records what each interviewee expected during 2023. It does not test those expectations against later data, and this article does not do so either. Where a figure appears below, it is the speaker’s statement as carried in the report, and the time frame is 2023. Nothing here describes current Perth prices, rents, vacancy rates, government policy or project timelines. For those, check the latest figures from the organisations named.
The five speakers agreed on the broad picture: housing supply was constrained and the rental market was tight. They differed on detail, particularly on which segment would perform best and which region would stand out. The sections below keep each view attributed to the person who gave it.
Established homes: steady prices, flat-to-modest sales
Cath Hart, REIWA chief executive, gave the most specific numbers on sales. She said average weekly sales reported by REIWA members were 895 in 2022, compared with 870 in 2021, an increase of 2.87 per cent. She expected sales volumes to stay around that level in 2023.
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Her view on prices was the most quotable. She said: “The low supply and strong demand will maintain a relatively steady state for WA house prices over the coming 12 months.” She also expected listings to start rising as building completions increased over 12 to 18 months, but she anticipated that they would remain below historic averages.
Hayden Groves, REIA president, expected the WA residential market to hold its gains despite higher interest rates and inflation. He said new home completions could ease trade constraints and that listings were below long-term averages, with only moderate increases in supply expected.
Tanya Steinbeck, UDIA WA chief executive, described demand as supported by expected population growth and ongoing economic growth, while supply remained constrained. She said values might stay steady or rise slightly.
Rentals: low vacancy and expected rent increases
The rental outlook was the most consistent part of the interviews. Hart reported that the vacancy rate had fallen to 0.7 per cent and that the November 2022 median weekly rent was $500, $60 higher than a year earlier. She said there were more than 18,000 fewer rental properties than at the January 2021 peak. She expected rental listings to stay low in the medium term, with some possible improvement as building completions and investor activity rose, and she anticipated further rent increases in 2023.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Groves cited rental supply below long-term averages and vacancy of around one per cent. He expected conditions to remain tight and rents to stay high.
Note that the two figures are not measured on the same basis. Hart’s 0.7 per cent and Groves’s “around one per cent” are both reported by PerthNow as industry statements, and neither is linked to a named statistical series in the article.
Apartments: high-end demand and fewer launches
Paul Blackburne, managing director of Blackburne, expected continued demand for larger, high-end apartments, especially from owner-occupiers and downsizers. He said investors remained a small part of that market. He forecast that WA prices might rise 2 to 4 per cent in 2023, and said prices had risen 20 to 30 per cent over the previous three years. He also raised construction costs, apartment supply and planning constraints. These figures are his own statements, not independently verified results.
Ronald Chan, chief operations officer at Finbar, took a more cautious view of supply. He said Western Australia’s relatively low median house price, its resources sector, low rental vacancies and supply issues could support the market even if interest rates rose further. He expected downsizers to seek quality apartments, and he expected fewer new development launches because of construction costs. That would leave buyers with limited choice among projects already under construction. He also advocated extending the off-the-plan stamp duty rebate that was scheduled at the time. The article does not establish whether that rebate has since been extended, changed or ended, so check current state government guidance before relying on it.
Regional WA: a split outlook
Groves was the only interviewee to address regional markets in detail. He described gains in Broome and Margaret River during 2022, and continued growth and buyer demand in Busselton. He said Port Hedland and Karratha were worth watching because mining production could diminish. He also pointed to supply constraints and demand in Albany and Esperance. These were his January 2023 assessments.
Suburb hotspots named by UDIA WA
Steinbeck named five areas. The table lists the reason she gave for each. Her reasons describe why she expected demand, not whether prices would rise, and the article does not confirm the current status of any project mentioned.
| Area | Reasons Steinbeck gave (January 2023) | Status to check today |
|---|---|---|
| Alkimos, Eglinton and Yanchep (north-west corridor) | Demand for affordable coastal living; planned transport and activity-centre improvements | Not stated in the report; confirm with the relevant planning authorities |
| Byford and surrounds | Planned Byford Rail Extension; access to employment and activity areas | Not stated in the report; confirm with the Public Transport Authority or state government |
| Malaga | Announced screen production facility; planned Metronet station; precinct planning | Not stated in the report; confirm with the Metronet program and the relevant precinct authority |
| Baldivis | Family facilities, schools, growth and relative affordability | Not stated in the report |
| Redcliffe | New station, which she said had opened in the preceding year | Opening date as reported in January 2023; verify current service details |
Figures to quote with attribution
If you repeat these numbers, keep the speaker, the year and the source with them. They are statements made in January 2023, not current statistics.
- 895 average weekly sales reported by REIWA members in 2022, versus 870 in 2021, an increase of 2.87 per cent (Cath Hart, as reported by PerthNow, 2023).
- $500 median weekly rent in November 2022, $60 higher than a year earlier (Cath Hart, as reported by PerthNow, 2023).
- 0.7 per cent rental vacancy rate (Cath Hart, as reported by PerthNow, 2023).
- More than 18,000 fewer rental properties than at the January 2021 peak (Cath Hart, as reported by PerthNow, 2023).
- Around one per cent rental vacancy (Hayden Groves, as reported by PerthNow, 2023).
- 2 to 4 per cent expected WA price growth in 2023, and 20 to 30 per cent growth over the previous three years (Paul Blackburne, as reported by PerthNow, 2023).
Source: PerthNow, “WA real estate: Experts reveal their Perth property predictions for 2023,” January 11, 2023: https://www.perthnow.com.au/wa/wa-real-estate-experts-reveal-their-perth-property-predictions-for-2023-c-9420191
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1Scan for outdated or missing drivers - takes under a minute2Repair Windows errors before they cause bigger problems3Fix the driver behind crashes, sound loss and screen glitchesTwo checks help when you read the 2023 expectations against what has happened since. First, compare each claim against the same measure: a sales count, a median rent and a vacancy rate are different things, and the speakers used different bases. Second, separate the speakers’ reasons from their outcomes. Steinbeck’s population and infrastructure reasons, for example, depend on projects whose timing can change.
The biggest areas of agreement were supply constraints and tight rentals. The largest differences were about apartments and regional towns, where the speakers’ views depended on their own business and location.
Some questions this article cannot answer include whether any forecast came true, whether the apartment rebate remains in place, and what Perth’s current prices and rents are. Those require current data from the agencies and governments involved.
The Bottom Line
In January 2023, industry figures expected Perth house prices to hold steady and rents to stay high. These were expectations, not results, and they should be read alongside current data before you use them to make a property decision.
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