The Real Estate Institute of Western Australia (REIWA) has reported that listings in the state’s capital are on the rise, and with more choice, buyers are taking longer to act. Even so, time on market across Perth is still noticeably short.
REIWA CEO Cath Hart said despite the market being still fast-paced, the high numbers of listings for sale in Perth are having a direct result of drawing out the selling time frame.
“Homes in Perth are selling in around two weeks now, which is still incredibly fast – by comparison, pre-COVID, the median time to sell was more than 40 days,” Hart said.
The western capital city saw house listings staying a median of 13 days on the market in November, up from the nine days recorded on average in the last 12 months.
Perth units also sold in a median of 13 days, one day slower than in October, but remained the same from a year ago.
Hart said that buyers now have more options to choose from as new listings have hit their peak in November compared to the last three years.
REIWA recorded 5,576 properties for sale at the end of November, which was 10.9 per cent higher than in October and 17 per cent higher than a year ago.
“Our members report buyers are taking a little more time in their purchasing decisions. As a result, homes are taking slightly longer to sell; however, Perth remains a seller’s market,” Hart said.
REIWA’s analysis showed that Alkimos, Beeliar, Maylands, Orelia and Palmyra were the fastest-selling suburbs in November, recording a median time of six days.
That was followed by Waikiki, Melville, Mount Lawley, Mount Pleasant and Riverton with a median of seven days.
“Demand remains strong. Our members are reporting good attendance at home opens, they are still receiving multiple offers in most cases, and prices are still rising,” Hart said.
In the last week of November, dwelling sales were up by 3 per cent compared to the previous week, with REIWA recording 1,027 transactions. In total, unit sales were up by 12.1 per cent, while house sales saw their number drop by 4 per cent in the same period.
The top-performing suburbs at the end of the month were Maylands, with 23 dwellings sold, followed by Dianella, East Perth and Rockingham, which all sold 15 dwellings in the last week of November.
Loading form…
Hart said despite the high volume of sales, the constant price growth over the past 12 months is impacting affordability, with buyers becoming more price-sensitive.
Perth property prices continued to grow in November, with the median house price rising to $727,500, representing a 1.7 per cent growth compared to the previous month and a
22.3 per cent growth year-on-year.
Unit prices followed the same pattern reaching $485,000, representing an increase of 2.1 per cent compared to October and an 18.3 growth compared to November last year.
In November, the Perth suburbs with the highest growth in median house sale prices were Shoalwater, with a 3.1 per cent increase to $773,500; and Currambine, rising 3.1 per cent to $872,000.
That was followed by Carramar, up by 2.7 per cent to $841,000; Warnbro, climbing 2.5 per cent to $615,000; and Duncraig, which saw a 2.5 per cent increase to $1,153,000 over the same period.
While the median time on market for a house in Perth increased, the rental market also accelerated at a fast pace, with homes leasing in a median of 15 days during November, one day faster than the previous month but one day slower than 12 months ago.
REIWA’s data showed that in November, over 2,200 properties were available for rent – a 13.9 per cent increase from the previous month and a 15.8 per cent increase year-on-year.
In November, the suburbs with the fastest median leasing times were Hamilton Hill with eight days, followed by Balga with nine days.
Additionally, Claremont, East Perth, Maddington, Maylands and Tuart Hill all saw dwellings being leased in 11 days, followed by Alkimos, Fremantle and Mosman Park in 12 days.
Hart said November was a busy month for renters, and professionals were expecting some movement.
“November tends to be one of the busiest months of the year for leasing activity as we head into Christmas, so this can lead to more competition for available properties, which can then see an increase in rent prices,” she said.
“The increased demand is reflected in the slight fall in the median time to rent.”
Perth’s median dwelling rent rates remained stable at $650 weekly – an 8.3 per cent growth compared to November 2023.
The median rent for units declined by 1.6 per cent, reaching $620 month-on-month, while the median weekly rent for houses rose to $670, representing a 3.1 per cent increase compared to October and a 9.8 per cent year-on-year growth.
In November, according to REIWA data, the Perth suburbs that saw the most growth in their median weekly dwelling rent price were Tuart Hill, which increased by 8.3 per cent to $650; Nedlands, which rose by 7.4 per cent to $800; and Brabham, which was up 7.1 per cent to $750.
In comparison, West Perth climbed by 5.1 per cent to $725, and South Perth saw a 4.9 per cent increase to $750 over the same period.
