New Perth property listings surge to three-year high

Monthly new listings of Perth properties are at their highest levels in more than three years, with sellers motivated by the strong market conditions.

REIWA CEO Cath Hart said Spring was historically a strong season for new listings, and this year sellers were particularly encouraged by the sustained demand for homes and strong price growth.

“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,” she 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.

“This increase in new listings is great news for buyers as it provides more choice, however it is clear the Perth market continues to remain competitive.”

The increase in new listings saw active listings* rise in October, settling at 5,028 at the end of the month. This was 27.1 per cent higher than September, and 4.4 per cent higher than a year ago.

The strong monthly result for October follows REIWA’s recent quarterly update to its full year forecast which indicates Perth’s median house price is on track to record growth of 25 per cent over 2024.

Perth sales prices

Perth’s median house sale price was $715,000 in October, up 2.1 per cent on September and 22.2 per cent higher than October 2023.

The median unit sale price also rose over the month, increasing 2.2 per cent to $475,000. This was 17.3 per cent higher year-on-year.

“This trend is likely to continue and so we expect further price rises unless there is a significant and unexpected change to the current conditions,” Ms Hart said.

“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.

“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.”

The suburbs with the most growth in October were Craigie (up 4.6 per cent to $775,000), Applecross (up 4.4 per cent to $2,360,000), Pinjarra (up 4.1 per cent to $510,000), Riverton (up 4 per cent to $1,030,000) and Yokine (up 4 per cent to $920,000).

Como, Banksia Grove, Yanchep, Beckenham and Midland were also among the top performers, recording growth of 2.3 per cent or more over the month.

Time on market

Houses sold in a median of 11 days in October, one day slower than September and three days slower than a year ago.

Units sold in a median of 12 days, two days slower than last month, but four days faster than a year ago.

According to www.reiwa.com data, the fastest selling suburbs for houses in October were Secret Harbour, Bassendean, Camillo and Orelia (six days); and Joondanna, Kelmscott, Wanneroo, Armadale, Bayswater and Carramar (seven days).

Perth rental market

Perth’s median dwelling and house rents remained stable at $650 per week. The median weekly dwelling rent was 10.2 per cent higher than a year ago, while the median weekly house rent was 8.3 per cent higher.

“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,” Ms Hart said.

“Interestingly, the gap between the median weekly rent for houses compared to units is narrowing with the median weekly rent for units rising to $630, a 5.0 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.

“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.”

According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in October were West Perth (up 10.5 per cent to $685), Rivervale (up 4.6 per cent to $680), Perth (up 4.6 per cent to $680), Midland (up 3.8 per cent to $550) and Scarborough (up 3.6 per cent to $725).

Listings for rent

There were 1,955 properties available for rent on www.reiwa.com at the end of October. This was 4.0 per cent lower than September, but 12.7 per cent higher than the same time last year.

Median leasing times

Homes leased in a median of 16 days during October, the same as September, but one day slower than 12 months ago.

www.reiwa.com data showed the suburbs recording the fastest median leasing times were Innaloo (nine days); Two Rocks (11 days); Alkimos, Bayswater, Scarborough, Tuart Hill and Westminster (12 days); and Dianella, Eglinton and Mandurah (13 days).

* Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.