Perth home listings hit three-year high,
In November, the median time to sell a house in Perth increased to 13 days, up from nine days.
According to REIWA chief executive Cath Hart, the median days on market have been rising for several months.
Furthermore, this change corresponds with a rise in the number of listings for sale during the same period.
“New listings have reached their highest level in three years, providing buyers with more options than in previous times,” she stated.
“Our members have reported that buyers are taking more time to make purchasing decisions, leading to longer selling times.”
Despite this, Perth continues to be a seller’s market, with homes still selling relatively quickly in comparison to historical trends.
“Homes in Perth are now selling within two weeks, which is still incredibly fast when compared to pre-COVID times.”
Hart noted that demand remains high during home opens, with most cases seeing multiple offers and prices continuing to rise.
“However, strong price growth in the past year has created affordability concerns, leading buyers to become more price-conscious,” she added.
At the end of November, there were 5,576 properties for sale in Perth, marking a 10.9% increase from October.
This represents a 17% increase compared to the same period last year, highlighting the growing number of listings.
The median house sale price increased by 1.7% to $727,500, which is 22.3% higher compared to November 2023.
Similarly, the median unit sale price rose by 2.1% to $485,000, marking an 18.3% increase year-on-year.
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The Perth suburbs that saw the most significant growth in median house sale prices in November were Shoalwater and Currambine.
Shoalwater’s median price rose by 3.1% to $773,500, while Currambine also saw a 3.1% increase to $872,000.
Carramar’s median price increased by 2.7% to $841,000, followed by Warnbro and Duncraig, both up by 2.5%.
Warnbro’s median reached $615,000, and Duncraig saw a rise to $1,153,000, reflecting the strong market activity in these suburbs.
Innaloo, High Wycombe, Balcatta, Balga, and Coolbellup were also top performers, recording at least 2.1% growth over the month.
In November, houses in Perth sold in a median of 13 days, which was one day slower than October.
This is also four days slower than the same time last year, reflecting a slight shift in market conditions.
Units also sold in a median of 13 days, which was one day slower than the previous month.
However, the median sale time for units remained unchanged compared to 12 months ago, indicating some market stability.
The fastest-selling suburbs for houses in November included Alkimos, Beeliar, Maylands, Orelia, and Palmyra, with a median of six days.
Waikiki, Melville, Mount Lawley, Mount Pleasant, and Riverton followed closely behind, with a median of seven days for sales.
The median weekly rent for houses rose to $670, reflecting a 3.1% month-on-month increase and a 9.8% yearly rise.
On the other hand, the median rent for units declined to $620 per week, a 1.6% decrease from October.
However, unit rents are still 12.7% higher compared to the same time last year, showing continued upward pressure over the year.
At the end of November, there were 2,226 properties available for rent, marking a 13.9% increase from October.
This number was also 15.8% higher than the same time last year, reflecting a larger pool of rental listings.
Hart explained that the median house rent had been stable for most of the year, with some movement expected in November.
November is typically one of the busiest months for leasing activity as the market heads toward the Christmas season.
This increased activity leads to more competition for available properties, which can drive rent prices higher during this period.
“The increased demand is also reflected in the slight fall in the median time to rent,” Hart observed.
Ray White Group chief economist Nerida Conisbee stated that the housing market was showing clear signs of moderation as 2024 closed.
Looking ahead to 2025, several factors, including population growth and construction cost pressures, will shape market conditions in Perth.
“While price growth is expected to continue through 2025, the pace will likely moderate further due to evolving market factors.
