Low listings drive Perth house prices even higher

Perth house prices continue to push higher and are flying off the shelves in a matter of days as low listings contribute to the relatively high demand.

Perth’s median house price rose to a new high of $560,000 in July. This was 0.9 per cent higher than June and 4.7 per cent higher than a year ago.

The previous peak was $545,000 set in 2014.

“The median house price has been rising steadily all year,” REIWA CEO Cath Hart said.

“While massive price hikes make great headlines, moderate increases are better for the market.

“They allow sellers to achieve capital growth over time, while ensuring home ownership remains relatively affordable and attainable.

“While the Perth median house price has reached a new high of $560,000, 99 suburbs have median house prices below this, so there are definitely affordable options for buyers.”

Perth’s top performing suburbs

While the median house price rose, the median unit price fell 0.4 per cent to $398,000 in July. This was 2.9 per cent lower than a year ago.

Many other market metrics remained stable throughout July, including the median rent price and time to sell and lease.

CoreLogic’s Perth home value index increased 1 per cent in July and 3.2 per cent over the past three months.

According to REIWA, the top performing suburbs for house price growth in July were Wannanup (up 2.4 per cent to $599,000), Nedlands (up 2 per cent to $1,989,750), East Victoria Park (up 2 per cent to $755,000), South Yunderup (up 2 per cent to $520,000), and Secret Harbour and Quinns Rocks (up 1.7 per cent to $559,500 and $615,000 respectively).

Sorrento, Safety Bay, Duncraig and Joondalup also recorded growth over 1 per cent.

Few properties for sale in WA capital

The number of properties available for sale in Perth fell to 5,181 at the end of July. This was 3.1 per cent lower than June, and 39.4 per cent lower than 12 months ago.

Ms Hart said properties were still selling incredibly quickly, which was keeping the number of listings on www.reiwa.com low.

“We do expect listings to increase as we move into spring, however it will still be some time before we return to a traditional balanced market,” she said.

It took a median of 10 days to sell a house in July, unchanged from the record low set in June.

According to www.reiwa.com data, the fastest selling suburbs were Greenfields, Cooloongup and Dayton (four days); Seville Grove and Wellard (five days); and Harrisdale, Armadale, Atwell, Kardinya and Mandurah (six days).

Perth rental market stabilising

Median rents remained stable in July.

Perth’s median dwelling rent price was unchanged at $550 per week, reflecting a large number of leases around that price. The median weekly rent for houses was $580 and $525 for units.

According to REIWA, the suburbs that saw the most growth in their median rent price in July were Glendalough (up 60 per cent to $690 per week), Shoalwater (up 40 per cent to $560), Applecross, (up 28 per cent to $693), Bassendean (up 28 per cent to $640), and West Leederville (up 25 per cent to $835).

There were 1,876 properties available for rent on www.reiwa.com at the end of July, an 11.8 per cent decrease from June and 16.4 per cent lower than July 2022.

It took a median of 16 days to lease a rental during July, unchanged from June.

REIWA data showed the suburbs recording the fastest median leasing times were Hamilton Hill (six days); Canning Vale (eight days); Glendalough, Gosnells and Yokine (nine days); Balga and Shenton Park (10 days); and Banksia Grove, Morley and Nollamara (11 days).