Not only is Western Australia, and Perth in particular, expanding, but it is also outperforming its peers. According to recent reports from the Australian Bureau of Statistics (ABS), Perth had one of the fastest rates of growth among capitals in 2023–2024, adding over 72,700 residents and expanding at a pace of about 3.1% (Estimated Resident Population).

Using the ABS national population change as a reference, that rise amounts to roughly 16.3% of Australia’s population growth during the same time period.  

Demand and supply in Perth’s housing market are changing as a result of these demographic changes, as well as a dynamic pattern in building approvals, commencements, and financing indications. This has an immediate impact on buyers, sellers, investors, tenants, and developers working in the Bargoti Real Estate sector.

Key numbers at a glance (most important ABS findings)

• Perth population growth (2023–24)
• Share of national population growth (approx.)
• Building approvals (national, latest ABS snapshots)
• Dwelling commencements/completions (WA)
• Value of Australian residential real estate (context)

1. Perth growth rate ~3.1%, +72,700 people

2. The inclusion of Perth accounts for about 16.3% of Australia’s population growth within the same time span (72,700 vs. 445,900).

3. Approvals have fluctuated from month to month; for example, in July 2025, the total number of homes approved fell by 8.2% (seasonally adjusted). This continuous turbulence impacts Perth’s and WA’s pipeline supplies.

4. According to state government and ABS statistics, WA saw robust home construction in 2023–2024, with indications that home construction was at its best level in several years.

5. Recent quarters saw the national value reach all-time highs (estimated by the ABS at> $10.9 trillion). The change in national wealth has an impact on lending practices, investor appetite, and pricing pressure, all of which affect the Perth market.

Why these numbers matter for Perth (and for Bargoti Real Estate)

• The population is in demand
• Supply-side friction remains
• Finance shape-shifts market activity
• Completion rates, not approvals, free up stock

1. Depending on household size and the percentage of households that rent vs buy, a net increase of about 72,700 persons in Perth in 2023–2024 is not insignificant; over time, it might result in tens of thousands of additional households. That consistent demand serves as the foundation for lead generation, the agent pipeline, and value models for a real estate company such as Bargoti Real Estate.

2. Apartment approvals are still tricky, and national approvals are erratic, notwithstanding an increase in WA approvals and commencements. Prices and rents can rise when supply cannot keep up with demand, particularly in Perth’s coveted suburbs and greenfield periphery corridors.

3. ABS lending indicators display loan commitments and values that fluctuate from quarter to quarter; in recent quarters, there have been increases in both the number of loans and their value for homes. Perth’s transaction velocity and price uplift are impacted by changes in investor vs owner-occupier shares, average loan amounts, and loan availability.

4. Approvals create a pipeline, and real new dwellings are delivered via commencements and completions. According to ABS and state data, WA’s improved commencement/completion ratios indicate that while supply is increasing, it is still falling short of long-term goals. Bargoti’s marketing advice and valuation must change to account for lagged supply responses in price forecasting.

Deep dive — Population, migration & demand

Perth’s recent population surge: what’s behind it? Perth is expanding rapidly, both in terms of total numbers (+72,700) and rate (~3.1%), according to the ABS’s Regional Population release for 2023–2024. This aligns with the overall performance of WA, which has been one of the fastest-growing states in previous reporting periods. Among the factors driving growth are:

• After the epidemic, net overseas migration is back to its previous high levels.
• Internal migration (interstate inflows) occurs when workers are drawn to jobs in construction, mining, and services
• For recent growth bursts, migration is more than the natural increase (births minus deaths).

Implication: A higher baseline housing demand results from more households and more people. Growth in Perth has been centred in greenfield outer suburbs with available land as well as inner-urban infill routes.

Calculating Perth’s contribution to national growth

• Using ABS data, we compared the population growth of Perth (+72,700) to that of the country (about +445,900) for the same reference period.
• We discovered that Perth accounts for nearly 16.3% of Australia’s population growth.
• This represents a structural reweighting of demand towards Western Australia for that time period, which is significant considering Perth’s pre-existing population proportion.
• (Determination based on national population change releases and ABS regional population data.)

Who’s moving to Perth?

Migration patterns matter because different migrant cohorts have different housing needs:

• Temporary and skilled working-age migrants can increase demand for rental properties and smaller owner-occupied homes.
• In suburban areas with schools, the demand for three- to four-bedroom homes is increased by families.
• Both inner-city apartment markets and outlying suburbs may be impacted by investors seeking returns or capital expansion.

Deep dive — Supply: approvals, commencements, completions

1. Building approvals — national and WA trends

• Data on ABS building approvals reveals fluctuations in approvals as well as a recurring discrepancy between monthly targets and actual approvals.
• As an illustration of how approvals can rebound, a recent ABS publication reported an 8.2% decline in the total number of homes permitted in July 2025 (seasonally adjusted).
• Apartment approvals have been more erratic nationwide, but WA has had times of robust increase in detached (home) approvals.

2. Why approvals are essential for Perth

• Approvals are upstream and signal future stock additions.
• Even with a large number of approvals but no corresponding starts or completions, the adequate supply remains tight.

Commencements and completions — WA’s improving pipeline

• According to WA government updates and ABS building activity data, housing commencements and completions have increased significantly in recent reporting periods.
• According to one WA government announcement, 20,639 dwellings were completed in 2024, the highest number in several years.  
• In 2024, WA’s commencements rose significantly over the previous year, indicating a more robust on-the-ground home delivery.

Perth’s implications are as follows: as completions increase, so does the amount of real estate available for purchase and rental; but timing, location, and product mix (houses versus apartments) affect whether or not completions alleviate pressure in areas of concentrated demand.

The apartment vs house story

In comparison to detached homes, flat approvals nationwide have underperformed; in several series, they have decreased by double digits. For Perth, this is significant because:

• To accommodate young professionals and smaller households, inner-city and inner-ring suburbs rely on multi-unit supply.
• Detached homes, which WA has been producing in greater quantities, are essential to fringe markets.

Deep dive — Lending, loan sizes and affordability

1. Lending indicators

• Demand-side finance conditions (borrowers receiving loans) can support transactions, as evidenced by ABS lending indicators, which demonstrate that the quantity and value of new loan commitments for homes can increase even while approvals decline.  
• According to recent ABS disclosures, loan commitments and values for homes increased several times from quarter to quarter.  
• Additionally illuminating are changes in the average loan size: Due to increased borrowing and home values, WA has seen a significant increase in average owner-occupier loan sizes in recent years.

2. Affordability context

• Pressure on affordability results from growing loan sizes and a slower supply.
• Buyer capacity is directly impacted by changes in interest rates and credit policies (LVRs, serviceability tests); ABS lending data is a precursor to whether or not buyers can obtain financing.
• Investors versus first-time homebuyers: ABS data indicate changes in first-time homebuyer loan commitments, which may be cyclical and responsive to policy (grants, incentives).

Price trends & market structure (Perth-specific)

1. Price momentum in Perth

• Compared to some eastern capitals, Perth has shown to be more resilient; depending on the quarter, price rise in Perth has occasionally exceeded national rates.  
• Microdynamics of the market: migration-driven demand combined with limited supply in the target suburbs can result in above-average capital growth in certain areas.  
• Perth contributes to national value expansions, according to ABS-derived national dwelling value reports (when paired with local RP data such as CoreLogic/REIWA).

2. Rents and vacancy

Tight stock and population inflows push down vacancy and lift rents, particularly for:

• Family-sized rentals in outer suburbs,
• Smaller units in inner areas where demand from workers and students is substantial.

Suburb-level patterns: where in Perth is growth concentrated?

ABS regional housing activity and population data indicate that growth is concentrated in:

• New estates and greenfield corridors on the outskirts of cities are being developed in these areas due to the availability of land and family dwellings.
• The apartment and terrace stock in inner-urban infill and transit-oriented precincts is ideal for professionals and downsizers.
• Regional hubs for job growth and amenities.

Data-driven targeting: Listings should be matched to demographic demand by suburb in Bargoti’s buyer/seller marketing, which should be segmented by buyer profile (families, professionals, and investors).

Practical implications & recommendations for Bargoti Real Estate

1. For sellers

• Use local vacancy/rent statistics and ABS commencements/completions data to support price increases in in-demand suburbs.
• Houses that are similar to the most common incoming household type—such as three- to four-bedroom family homes in the outskirts of the city—will sell more quickly.  
• To modify staging, photography, and copy, use migration cohort profiles.

2. For buyers

• Buyers should anticipate competition and take into account pre-auction bids or bridge financing possibilities in infill suburbs with limited flat pipelines.
• A precinct’s high approval rate does not guarantee an instant supply; completions may take 12 to 24 months.  
• Plan your expectations for the purchase appropriately.

3. For investors and landlords

• If flat supply is balanced, inner-city apartments can provide stronger immediate yields, while family residences on the outskirts may offer capital growth with moderate yields.
• Before applying significant capital expenditures, think about whether new supply will compress returns in an area where ABS commencements are increasing.

4. For developers

• Many recent arrivals are drawn to smaller, more practical homes with adaptable work-from-home areas.
• You’ll need to manage timing and expense risks due to nationally erratic flat approvals; create contracts to protect yourself from delays and financial losses.

Policy & planning: what the ABS numbers imply for government action

• Housing targets vs reality
• Infrastructure catch-up

1. Coordinated approvals, starts, and finishes are necessary to meet federal housing targets (such as the national homebuilding targets). According to ABS data, the pipeline is unequal; therefore, authorities need to address issues with skills shortages, construction productivity, and planning friction.

2. Schools, transportation, and health services are necessary for greenfield expansion. Suburban areas that may require public investment are highlighted in ABS regional population releases; planning funding and developer contributions should be directed in accordance with these findings.

What the ABS doesn’t tell us (and why local data matters)

• Granular suburb-level sentiment
• Speed of change
• Non-quantifiables

1. While ABS excels at macro and regional levels, it is less detailed when it comes to micromarket sentiment (local portals, auction data, and office intelligence are required).

2. Although timely, ABS misses some real-time market cues (such as abrupt policy announcements or employer moves). Vendor/tenant feedback, as well as Bargoti’s local CRM, are crucial supplements.

3. Qualitative intelligence is needed for buyer confidence, contractor lead times, and geopolitical changes (export cycles affecting jobs in WA).

Putting the data to work: Immediate actions for Bargoti Real Estate

• Dashboard the numbers
• Suburb heat maps
• Tailored marketing packets
• Investor alerts
• Developer liaison

1. Create and provide to agents a basic monthly dashboard that pulls ABS regional population, ABS construction approvals, and the loan indicator series for Perth and Western Australia. (Pay attention to lending, vacancies, approvals, and beginnings/completions).

2. Map the areas where demand is exceeding supply by combining ABS regional growth with local listing and rental data (high priority for marketing and portfolio advice).

3. Create excellent seller collateral that highlights buyer appetite and scarcity for suburbs where ABS indicates large population inflows but weak completions.

Issue investor-targeted briefs when ABS lending indicators indicate increased loan values or investment commitments; velocity increases frequently precede price upticks.

4. Keep up your connections with important local developers (both greenfield and infill); schedule Bargoti’s listing pipeline to be completed within the next 12 to 36 months.

Broader market narrative (synthesis & outlook)

• Short-term (next 6–12 months)
• Medium-term (12–36 months)
• Risks to watch

1. Anticipate ongoing pressure on demand in Perth due to jobs and migration. As commencements result in completions, supply will rise; however, where pressure remains will depend on the timing and product mix. Yields could be supported and inner-city rental demand maintained by the unpredictability of national approvals (apartment weakness).

2. Perth will experience steady demand if WA maintains its high proportion of national growth, as it did in the most recent ABS periods. Delivery rates can be significantly altered by advances in construction productivity and policy changes (planning reforms, stimulus).

3. Interest rate fluctuations impact borrowing capacity. Labour and supply chain restrictions in construction cause build delays to increase, and concentrated approvals lead to an overabundance of specific product categories (e.g., medium-density housing if demand is for dwellings).

Appendix: Selected ABS releases & readings (sources used)

• Regional population, 2023–24 (Perth growth, 2023–24).
• National, state and territory population, Dec 2024 (national state comparisons).
• Building Approvals, Australia (latest releases, e.g., July 2025 snapshot).
• Building Activity, Australia (commencements & completions, March 2025).
• Lending Indicators (quarterly dwelling loan commitments).
• WA Government media release summarising ABS building activity for WA (home builds highest in years).
• ABS-derived analysis of national residential property value (contextual national wealth of housing).

Final thoughts — A data-first posture for Perth

Perth matters, as the ABS data make abundantly evident. WA’s housing pipeline is moving from approvals to execution, and the city contributed significantly to the country’s population growth in recent reporting periods. Better client engagements, more savvy pricing tactics, product-specific marketing, and investment targeting based on concrete data present opportunities for Bargoti Real Estate.

DISCLAIMER – The information and opinion provided is for guidance and general informational purposes only. The sole intention is to provide general understanding of the subject matter so the readers can assess whether they need more detailed information. The information provided on this website should not be regarded as a financial, business, legal or real estate advice and it is strongly recommended that the readers should seek their own independent financial, business, legal or real estate advice. While every effort has been made to ensure that the information and the material is correct and up to date at the date of publication. However, we do not guarantee or warrant the accuracy or completeness of the information provided as the factors like changes in circumstances after the time of publication, may impact such accuracy or completeness. Bargoti real estate will not accept responsibility or liability for any reliance on the blog information, including but not limited to, the accuracy, currency or completeness of any information or links.