Perth records $750k median house sale price amid increase to days on market
The city’s median house and unit sale prices have both risen, albeit with certain property types taking longer to sell in the multispeed market.
Recent findings from the Real Estate Institute of Western Australia (REIWA) revealed that Perth’s median house sale price rose 1.4 per cent over January 2025 to $750,000, registering 23 per cent higher than January 2024.
The institute also noted that the city’s median unit sale price increased by 1 per cent over the month to $500,000, rising 20.5 per cent year-on-year.
Speaking on the Perth market’s performance in the first month of 2025, REIWA CEO, Cath Hart, commented that “property prices were still rising, but at a slower pace than seen in 2024”.
Weighing in on this buyer sentiment, Hart said that the institute’s members report that “buyers are being more discerning and are generally taking more time with their purchasing decisions”.
“We are seeing a softer market at the moment, which is fairly typical of festive season activity but also reflects the easing of FOMO (fear of missing out) seen in the latter part of 2024,” Hart said.
The CEO explained that activity is currently varied across the Perth market, with “quality – well-presented homes in sought-after areas” seeing good numbers at open homes and selling quickly, while other properties are instead seeing less interest and taking longer to sell.
The three Perth suburbs that saw the most growth in January were Scarborough (up 2.7 per cent to $1,204,000, Dawesville (up 2.5 per cent to $717,500), and Camillo (up 1.8 per cent to $580,000).
Even with conditions currently favouring sellers, Hart highlighted the multispeed nature of Perth’s current market in stating that it is still important for sellers to listen to agents regarding “presentation and appropriate pricing for their location and target market”.
Time on market increases across the board
Houses in Perth sold in a median of 22 days in January, registering seven days slower than December and 13 days longer than January 2024.
Units in the city also sold slower over the month, with the median 17 days to sell in January being two days slower month-on-month and four days slower than one year prior.
While Hart observed that historically the time to sell “increases over the festive season”, she said that “this change also reflects the overall change in buyer sentiment”.
“We may see this decrease slightly as we enter the busy autumn season but are most likely to see days on market ease further over 2025,” she said.
Active listings return to normal levels
With the advent of the new year, active listings for sale in Perth settled at 4,767 at the end of January 2025, registering 8.5 per cent higher than levels at the end of December, and 25.5 per cent higher than a year ago.
Reflecting on listing levels over the last two months, Hart noted that “active listings declined towards the end of December and were fairly low in early January, which is typical for that time of year”.
Nevertheless, the CEO said that the institute “saw the number of new listings increase towards the end of the month”, and noted that “active listings have also risen and are up significantly from the same time in 2024”.
“This is a reflection of both the increase in the time to sell and more properties coming to market in the past couple of weeks,” Hart said.
Median dwelling rent rises as annual growth lags
Perth’s median dwelling rent rose 3.1 per cent to $670 per week in January, registering 8.9 per cent higher than the same time last year.
The median weekly rent for houses notched up 1.5 per over the month to $680, marking a 6.3 per cent increase on levels recorded in January 2024.
Median rent for units remained stable over the month at $650 per week, but registered 12.1 per cent higher than one year prior.
According to the institute’s findings, the three Perth suburbs that saw the most growth in their median weekly dwelling rent price in January were Nedlands (up 17.6 per cent to $1,000), Scarborough (up 5.7 per cent to $740) and Innaloo (up 3.8 per cent to $750).
While Hart stated that the institute continues to see “some monthly movement in rent prices”, she singled out the “significant decline in the annual growth rates” as particularly noteworthy.
“A year ago, the annual growth rate was 18.3 per cent for dwellings, 16.4 per cent for houses, and 20.8 per cent for units. The change highlights the moderation in the rental market over the past year,” Hart said.