02 May 2022
April was another strong month for the Perth property market, with
CoreLogic data showing the Perth home value index increased 1.1 per cent during
the month.
REIWA President
Damian Collins said with another solid month of price growth recorded, the
Perth property market was firmly on track to achieve 10 per cent price growth
during the 2022 calendar year.
“The Perth property
market remains in a very good position for continued price growth. Even with
interest rate rises expected soon, REIWA does not anticipate this will
adversely impact our local market.
“With low levels of
stock for sale and building completions still sluggish, continued strong demand
from buyers suggest the Perth residential sales market will be buoyant for some
time. However, the good news is that WA has some of the most affordable housing
in the country, which means most buyers will be able to afford price increases
and the looming interest rate rises,” Mr Collins said.
Median house sale price
Perth’s median house
sale price was $525,000 during April, which remains the most affordable median
house sale price in the country.
The suburbs to record
the biggest median house sale price growth during April were Wembley Downs (up
2.9 per cent to $1.305 million), Maddington (up 2.8 per cent to $360,000),
Waikiki (up 2.7 per cent to $407,125), Carramar (up 2.7 per cent to $565,000)
and City Beach (up 2.5 per cent to $2.325 million).
Other suburbs to
perform well were Wanneroo, Thornlie, Ballajura, Karrinyup and Mosman Park.
Listings for sale
There were 7,920
properties for sale on reiwa.com at the end of April, which is one per cent
higher than March and 11 per cent lower than the end of April 2021.
“Listings for sale
remain low across Perth, which is fuelling competition amongst buyers and
putting upward pressure on prices. We expect to see more properties come to
market as interest rates rise, but not enough to dampen demand,” Mr Collins
said.
Time on market
The median time to
sell a house during April was 13 days, which is one day faster than March 2022
and the same as April 2021.
“Median selling times
in Perth are back below two weeks which is exceptionally fast. In this market,
buyers must be very prepared and willing to act quickly when they see a
property they want to purchase,” Mr Collins said.
reiwa.com data shows
the fastest-selling suburbs in April were Cooloongup (six days), Tapping (seven
days), Waikiki (seven days), Woodvale (seven days) and Bedford (seven days).
Other suburbs to
record fast median selling times were Coolbellup, Currambine, Brabham,
Heathridge and Bayswater.
Perth rental market
Median rent price
Perth’s median rent
price increased $10 to $460 per week during April.
“This is now the
highest median rent price Perth has recorded, however it’s important to note
that it’s been seven years since we last saw a new peak price. While it has
been a challenging time for tenants, we still have the most affordable rental
market in the country,” Mr Collins said.
The suburbs to record
the biggest increase in median rent during April were Wilson (up $18 to $438
per week), Southern River (up $20 to $500 per week), Mount Lawley (up $25 to
$625 per week), Hammond Park (up $13 to $473) and Warnbro (up $10 to $390 per
week).
Other suburbs to
record notable increases were Scarborough, Victoria Park, Canning Vale, Wellard
and Forrestfield.
Median leasing times
It took a median of
16 days to lease a rental during April, which was the same as March and three
days faster than April 2021.
The suburbs that
recorded the fastest median leasing times during March were Hamilton Hill (12
days), Hammond Park (13 days), Alkimos (13 days), Butler (13 days) and Clarkson
(13 days).
Other suburbs to
experience fast median leasing times were Success, Willetton, Harrisdale,
Spearwood and Byford.
Listings for rent
There were 2,446
properties for rent on reiwa.com at the end of April, which is three per cent
more than at the end of March but 14 per cent lower than the same time last
year.
“The rental shortage
remains a significant challenge for the Perth rental market. There is no quick
solution for this problem, which is why it is imperative that the WA Government
does not make major changes to the Residential Tenancies Act that will
discourage property investment in WA at a time when we desperately need more
rental stock,” Mr Collins said.
More information
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