Perth property listings hit 3-year high
The number of new property listings in Perth has reached a three-year high with more than 5,500 new listings hitting the market in October, according to data from the Real Estate Institute of Western Australia (REIWA).
The state’s real estate body said the increase in numbers is due to Perth’s strong market conditions where the median house price is on track to record growth of 25 per cent over 2024.
“We’re in the midst of the spring selling season now and new listings have increased significantly, with more than 5,500 new listings in October, the highest monthly figure since March 2021,” REIWA CEO Cath Hart said.
“The number of houses that came to market was nearly 4,000, the most since November 2021.
“Based on previous trends, it is very likely we will see an even higher number of new listings in November before numbers soften in December,” she said.
Hart noted that while the increase in new listings provided more choices and opportunities for buyers, the Perth market remained competitive.
In October, Perth’s median house sale price was $715,000, which is a 2.1 per cent increase on September and 22.2 per cent higher than last year.
Perth’s median unit sales price also rose by 2.2 per cent, reaching $475,000 – a 17.3 per cent increase compared to October 2023.
In October, both houses and units took an extra day or two to be sold compared to the previous month, staying 11 days and 12 days respectively on the market.
According to the state’s real estate body data, Perth’s fastest-selling suburbs in October were Secret Harbour, Bassendean, Camillo and Orelia with a six-day sale.
In addition, Craigie, Applecross and Pinjarra recorded between 4.1 per cent and 4.6 per cent growth, reaching $510,000 to $775,000 median price – which was the highest gain in October.
Hart said prices in Perth are forecasted to grow further unless significant or unexpected events change the market conditions.
“Factors that might impact the current price trend for Perth dwellings into the first half of 2025 include the upcoming federal and state elections, as well as potential changes to interest rates,” Hart said.
“We know market activity often slows in the lead-up to elections as buyers and sellers wait to see the outcome. This is especially so when housing is one of the key policy areas – as will be the case in both elections.
“The ongoing uncertainty about when the Reserve Bank will cut rates may also lead to hesitation from some buyers who may be waiting for rates to fall before entering the market,” she said.
Perth rental market
On the other hand, Perth rental saw only 1,955 properties available on the market in October, which is 4 per cent lower than last month, but 12.7 per cent higher than last year.
The median dwelling and house weekly rent remained stable at $650, which is 10.2 per cent and 8.3 per cent, respectively, higher than in 2023.
“This is the eighth consecutive month that the median dwelling and house rents in Perth have been steady, which is a sign that the rental market is moderating,” Hart said.
She noted that the gap between the median weekly rent for houses compared to units is narrowing with the median weekly rent for units rising to $630, which is a 5 per cent increase month-on-month and 14.5 per cent annually.
“The focus on affordability is one of the key drivers behind this shift as units tend to be more affordable than houses, coupled with the additional appeal of tenants being able to live on their own rather than to share a house with others,” Hart said.
“Our members report strong attendance at home opens for affordable units, with multiple applications received which is seeing increased competition for units and, in turn, upward pressure on unit rents.”
REIWA’s data showed that in October, West Perth had the highest growth with a 10.5 per cent increase in median weekly dwelling rent price – reaching a median weekly rent of $685.
Perth’s fastest-leasing suburbs in October were Innaloo, Two Rocks, Alkimos, Bayswater, Scarborough, Tuart Hill and Westminster, with dwellings taking between nine days and 12 days to be leased, while the median was 16 days in the majority of suburbs.