Q4 2024
As of December 24, 2024, Fremantle's median house price reached $1,257,500, reflecting a 17% increase over the past year. This growth is consistent with Perth's overall property market, which has experienced a 21% rise in median property values over the same period, bringing the city's median house price to $735,000. Property value increases are driven by strong population growth, with over 1,000 people moving to Western Australia weekly, and a limited housing supply, which has intensified buyer competition and pushed prices higher.
Fremantle's rental market remains competitive, with the median weekly house rent at $800, a 7.4% increase over the past year and above Perth's median of $650. With Perth's rental vacancy rate below 1%, this tight market is likely to sustain upward pressure on rents as leases are renewed.
Experts predict continued growth in Fremantle's property market, driven by strong demand from population growth and the area's appeal, alongside limited new housing developments. Fremantle’s unique blend of heritage architecture, vibrant community culture, and proximity to pristine beaches enhances its desirability, ensuring it remains a sought-after location. However, buyers and investors should consider potential impacts of interest rate changes and broader economic conditions on market dynamics.
The message from the team here at Mint for those contemplating selling or leasing, is that the current conditions present fantastic opportunities to capitalise on your property asset. We have been busy with appraisals and we anticipate 2025 being another busy year here in the West.
Publish Date: 01/01/2025
The details noted above including any figures or statistics given are based on information provided by multiple sources including the Western Australian Land Information Authority, Corelogic, REIWA, domain.com.au and realestate.com.au. The statistics noted include results performed by multiple agents and agencies. Whilst all reasonable effort has been made to ensure the enclosed information is correct at the time of publication, Mint Real Estate does not warrant or guarantee the accuracy or completeness of the data.
