Q1 2025
Palmyra continues to demonstrate strong underlying demand, though market conditions have begun to normalise in line with broader trends across Perth. By the end of March 2025, the median house price across Greater Perth had increased 20.7% year-on-year to $766,500. In Palmyra, price growth has been steady rather than explosive, reflecting the suburb’s appeal to both families and professionals seeking proximity to Palmyra without the premium price tag. While buyer interest remains healthy, a slowdown in population growth—from 3.4% to 2.5%—and a rise in available listings have contributed to a more balanced market. Properties are now spending slightly longer on the market, and the pace of price increases is easing.
Palmyra’s rental market, like much of Perth, remains tight, but early signs of improvement are emerging. Greater Perth's median weekly rent rose to $680—up 4.8% year-on-year—with vacancy rates nudging up to 2.3%. In Palmyra, tenant demand is still strong, particularly for well-maintained family homes and modern villas. While the intense competition seen in early 2024 has softened slightly, quality rental properties continue to lease quickly, underscoring the suburb’s desirability.
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: 01/04/2025
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.
