Looking to buy a home in Australia and wondering where the next hot market is?
Western Australian is breaking records in both people moving in and how fast home prices are climbing. Here's why smart buyers and investors are paying close attention.
The population is surging and so are prices
Australia’s population rose by 1.8% from September 2023 to September 2024, but Western Australian led the way with a whopping 2.5% growth, the highest of any state. In Perth alone, population jumped 3.2% year-on-year.
That growth wasn’t just natural. Western Australian is now a major magnet for overseas and interstate migrants, second only to Queensland in drawing Aussies from other states. People are chasing job opportunities, lifestyle upgrades and let’s be honest, better property prices.
Home prices in Western Australian are soaring
All that demand has pushed home prices through the roof but Western Australian still manages to stay more affordable than the eastern states.
According to PropTrack data:
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Perth home prices grew 11.5% year-on-year
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Regional Western Australian grew even faster at 11.9% the highest growth rates in the entire Australia real estate market.
Compare that with:
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Sydney: 2.9%
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Melbourne: -2.3%
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Brisbane: 9.4%
Yeah, ouch if you missed Western Australian.
Why buyers are flocking West
Back in 2021, even after a major price surge, Perth’s median home value was just $514,000.
In comparison:
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Sydney: $988,000
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Melbourne: $782,000
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Brisbane: $585,000
Even now, Western Australian still offers real estate at a price that’s digestible — especially for first-home buyers or investors looking to buy a home in Australia without going all in on debt.
It’s not just about population
Yes, population growth fuels demand. But it’s the combo of affordability + strong employment + infrastructure that’s making Western Australian unbeatable.
And while demand is high, supply remains tight. That’s why even in a high-interest-rate environment, Western Australian prices keep climbing — especially in areas where homes are still relatively cheap and rental yields are strong.
What this means for investors and buyers
If you're looking to buy a home in Australia, Western Australian gives you:
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Strongest population and price growth in the country
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Homes still below national average prices
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High rental demand in both capital and regional areas
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Long-term value, especially as infrastructure expands
