Inner North Autumn Wrap
Confidence remains strong, as stock continues to tighten through Perth’s Inner North.
As we approach winter, the temperature has started to drop but it certainly hasn’t cooled Perth’s property market. Perth's Inner North housing market continues to be tightly held, with a continued undersupply of stock and strong buyer demand. Buyers looking to upgrade into the inner north are doing so to take advantage of its vibrant blend of urban living, cultural diversity, and historical charm.
Suburbs such as Mount Lawley, nestled just a few kilometres from Perth's CBD,are renowned for their tree-lined streets, charming period homes, schools and vibrant cultural scene. Mount Lawley has become an attractive prospect for families and young professionals, with the median house price now sitting at $1,550,000 which represents a steady 6.8% increase over the last 12 months (PropTrack).
Renewed Confidence
The recent drop in interest rates and talks of further cuts in the second half of the year has given a sense of confidence to the market. Buyer demand in the $1-2m bracket has remained strong but stock has continued to be limited. In order to find good quality properties, a proactive approach needs to be taken. This was highlighted in a recent Verve client purchase of 17 Second Avenue, Mount Lawley. This 4x2 extended character home on 810sqm was snapped up off-market for $1,900,000.
High-end properties continue to transact through the inner north. Albeit, buyers are still hesitant to build due to uncertainty, increasing costs and extended timelines. This has resulted in buyers favouring ready to move in or renovated stock, which are drawing multiple offers and premium prices. Some notable recent sales include 94 Vincent Street, Mount Lawley, which was sold through Danielle Geagea at ZSA ZSA Property for $3,600,000 after receiving huge interest. Meanwhile in Inglewood, 54 Dundas Road was sold via Chris Pham at Acton Belle. This classic Californian bungalow with a contemporary extension achieved a sale price of $2,530,000 after receiving multiple offers.
94 Vincent Street, Mount Lawley WA 6085
54 Dundas Roadm Inglewood WA 6052
Buyer Opportunities
There are however opportunities for savvy buyers who are open and willing to renovate or add value to existing established stock. There is a value gap in the difference between unrenovated and renovated properties, and for the buyer willing to get their hands dirty, this can result in a significant short term capital increase in the property's value.
Director of Acton Belle Mount Lawley, Chris Pham said he has seen an increase in demand for both larger blocks and renovated properties over the past couple years.
“Buyers are wanting move-in ready properties. These listings are in hot competition and generating multiple offers. There is also a trend towards full blocks. Full blocks weren’t as popular 3 to 4 years ago.”
Chris noted that demand on entry level price points for homes in the low-mid $1 millions has remained strong. He however, sees opportunity and value in townhouses, units and apartments through the inner north, stating you can still pick up 3 bedroom apartments in the $700,000 mark.
When asking Chris what a buyer can do to increase their chances to purchase in this market, he said:
“In the last 2 to 3 weeks buyer demand has increased and numbers are up at home opens.
It’s important for buyers to have a strategy, don’t delay and act swiftly. Buyers that wait or try to play games when placing an offer, are often missing out.” he said.
What's Next for Perth's Inner North Market?
Whilst prices are expected to continue to increase over the coming 12 months, it’s unlikely to see the same level of widespread growth as we did in 2024. Certain suburbs and asset types will outperform others. There are a few key factors and trends that will influence the market moving forward.
- Interest rates - The possibility of interest rate cuts later in 2025 could boost borrowing capacity and ease cost of living pressures.
- Investor activity slowing - We have already seen a reduction in investor activity through the inner north. As prices have increased significantly, rental yields have become less attractive. We have also seen a softening of the rental market at the higher end.
- Upcoming developments - There are a few key developments breaking ground in the inner north. These include Alma Square (North Perth) by Celius Property Group, West Residences (Mt Lawley), and The Coolbinia (Coolbinia) by Willing Property. There is however still an undersupply of new stock coming to market.
- Units v Houses - The price gap between houses and units continues to be significant. This presents an opportunity in the unit space and there is potential that the unit market will continue to outperform house prices in the short term.
Proptrack Median Suburb Prices - Inner North Snapshot
May 2024 - April 2025
Mount Lawley
- Houses $1,555,000 +6.8%
- Units $500,000 +19.6%
Mount Hawthorn
- Houses $1,550,000 +24.5%
- Units $670,000 +21.8%
Leederville
-Houses $1,500,000 +19.5%
- Units $617,000 +1.6%
North Perth
- Houses $1,405,000 +18.6%
- Units $575,000 +17.8%
Inglewood
- Houses $1,290,000 +17.3%
- Units $450,000 +10.3%
Sean Halton
Inner North Area Specialist
Contact Sean below:
Email: sean@vervebuyersagency.com
Phone: 0430 014 055
