The Perth real estate market has experienced a significant surge in property values, with the median house sale price climbing steadily over the past 12 months. In August alone, prices increased by 1.9%, bringing the median house price to an impressive $688,000. This represents a staggering 20.7% growth year-on-year, reflecting the strong demand in Perth’s housing market.
Similarly, the median unit sale price set a new record, rising by 1.1% in August to reach $455,000, a 13.8% increase compared to the same time last year. According to REIWA CEO Cath Hart, these extraordinary conditions are expected to persist, with no immediate signs of market easing.
“At the moment, there is clearly the appetite and ability to buy property, and it will take a significant change in demand or supply to ease the pressure in the established homes market,” Hart noted. She also mentioned that strong attendance at home opens and multiple offers well above asking prices continue to drive this market momentum.
Several Perth suburbs have emerged as standout performers in August. Willetton led the pack with a 5.6% rise to $1,125,000, followed by Westminster (up 4.2% to $565,000), Mindarie (up 4.0% to $1,050,000), Thornlie (up 3.1% to $630,000), and Armadale (up 2.7% to $488,000). Other top-performing suburbs included Duncraig, Lakelands, Falcon, Hocking, and Swan View, each recording growth of 2.5% or more over the month.
Fast-Moving Market
In terms of speed, Perth’s property market remains highly competitive. Both houses and units sold within a median of nine days in August, unchanged from July but one day faster than a year ago. Suburbs such as Parmelia (three days), Clarkson, Rockingham, Spearwood, and Yangebup (five days) were among the fastest to sell, with others like Cooloongup, Thornlie, Atwell, Greenfields, and High Wycombe following closely behind.
Listings for Sale
Active listings settled at 3,499 by the end of August, marking a 9.4% increase from July but still 32.5% lower than a year ago. The sustained demand and rapid sales are keeping active listings relatively low, according to Ms. Hart.
Perth Rental Market
On the rental front, Perth’s market showed signs of moderation, with the median weekly dwelling and house rents holding steady at $650 in August. This marks a 12.1% year-on-year increase for dwelling rents and an 8.3% rise for house rents. However, the median weekly unit rent dropped to $600, down 3.2% from July, although still 9.1% higher year-on-year.
Ms. Hart observed that the market is entering a period of stability after years of sharp rent increases. “The median dwelling and house rent prices have been stable for six months, and the median unit price has also been at $600 per week for five of the past six months,” she said.
She also advised investment property owners to stay informed about local market conditions when reviewing rents, as the once-frenzied rental market has begun to calm down.
Rental Listings and Leasing Times
By the end of August, 2,182 properties were available for rent on reiwa.com, a 12.8% decrease from July but a 33.6% increase compared to the same time last year. Median leasing times extended slightly to 19 days in August, one day longer than in July and four days slower than a year ago.
Suburbs with the fastest median leasing times included Nollamara and Tuart Hill (11 days), Como, Duncraig, and Gosnells (12 days), Innaloo (13 days), and Mount Lawley, Balga, Cannington, and Clarkson (14 days).
As the Perth property market continues to evolve, it remains crucial for both buyers and sellers to stay updated on the latest trends and insights. Whether you’re looking to buy, sell, or invest, understanding these market dynamics can help you make informed decisions.
For more in-depth market insights, visit REIWA’s Market Updates
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