Perth is set to pull off a remarkable hat-trick in 2024, with the housing market tipped to outperform the nation for the third consecutive year. The PropTrack Property Market Outlook Report, released on Thursday, has forecast Perth property prices will rise between five and eight per cent next year, powering ahead of Sydney and Melbourne where prices are tipped to rise by two to five per cent and one to four per cent respectively. It will also trump the nation average growth rate of between one and four per cent forecast for 2024. It comes as Perth recorded a staggering 17 consecutive months of home price growth in November, with prices up 12.76 per cent compared to the same time last year and up 12.3 per cent this year alone. Despite this, it will still remain Australia’s second most affordable capital city, indicating it may be a while before Perth’s phenomenal run loses steam. PropTrack economic research director Cameron Kusher said while he was expecting a slower rate of price growth over the coming year, a better balance between demand and supply still seemed a fair way in the distance. “Perth continues to have extremely strong demand for housing, a low volume of new housing being built, and very few properties listed for sale,” he said. “Relatively, Perth has very good affordability and rental returns are much stronger than in other major capital cities, therefore it seems likely prices in Perth will continue to climb.” According to PropTrack data, Perth’s median dwelling value of $622,000 could potentially rise up to about $672,000 next year, if growth of 8 per cent is achieved. “In 2023, every capital city has seen stronger growth than we had anticipated. We were expecting Perth to be the best performing capital city for price growth this year, however, the 12.3 per cent increase was much larger than what we had expected,” Mr Kusher said. The double digit growth was fuelled by an undersupply of listings, which are 37.2 per cent below their November decade average, and skyrocketing demand, with the number of inquiries per listing on realestate.com.au increasing by a jaw-dropping 116.7 per cent year-on-year.