Markets15 June 20245 min read
June 2024: EOFY 2024 — Perth runs the table
FY24: combined capitals +8.0%, Perth +23.6%, Brisbane +15.8%, Adelaide +15.4%, Sydney +6.3%, Melbourne +1.3%.
Perth's structural setup
Perth combined the rental story (vacancy 0.4%), the migration story (net interstate inflows positive for first time in 15 years), and the supply story (median build cost up only marginally). The result was the strongest single-capital FY since 2003 NSW.
EOFY positioning for FY25
With the rate cycle near peak and the capital-city divergence wide, FY25 strategy emphasised continued acquisition in Perth and SE Queensland new-build product with selective Adelaide overlay. Sydney and Melbourne remained underweights.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.