Perth's median house price falls slightly in September quarter

20 December 2022

"Perth’s median house price decreased 2.8 per cent to $530,000 in the September 2022 quarter, according to the latest REIA Real Estate Market Facts. However, it was 3.7 per cent higher than last year. "

Perth’s median house price decreased 2.8 per cent to $530,000 in the September 2022 quarter, according to the latest REIA Real Estate Market Facts.

However, it was 3.7 per cent higher than the same time last year.

The median price for other dwellings also declined over the quarter, down 0.2 per cent to $399,000 and 3.9 per cent lower than 12 months ago.

“The Perth market is holding up well in the face of interest rate rises, supported by a strong economy, low unemployment, population growth and affordable housing,” REIWA CEO Cath Hart said.

"With rate rises likely to continue into the new year, we are starting to see buyers adjusting their expectations and budgets, but low supply and strong demand should see prices remain relatively steady in the coming months.”

Perth maintained its title as the most affordable capital city by median price, recording the lowest median price for houses and dwellings among all the capitals. Darwin was the second most affordable with a median house price of $550,000 and median other dwelling price of $403,500.

Sydney was the most expensive capital, recording a median price of $1,464,000 for a house and $755,000 for other dwellings.

The median house price fell across all capitals. For other dwellings, Adelaide and Hobart were the only capital cities to record increases.

Source: REIA Market Facts September 2022 quarter

Median house prices: Perth and regional zones

Over the quarter, the median house price decreased in all metropolitan Perth zones: Perth Inner (-6.6%), Perth Middle (-3.7%) and Perth Outer (-1.0%).

In regional Western Australia, it increased in Albany (12.1%), remained stable in Bunbury and decreased in Broome (-5.1%).

Over the past year, the median house price increased in all metropolitan Perth zones: Perth Inner (2.6%), Perth Middle (3.2%) and Perth Outer (6.5%).

Median other dwelling prices: Perth and regional zones

Over the quarter, the median price for other dwellings increased in Perth Middle (0.9%) but decreased in Perth Inner (-4.0%) and Perth Outer (-1.4%).

In regional Western Australia, it increased in Albany (20.4%) but decreased in Bunbury (-38.5%) and Broome (-8.4%).

Over the past year, the median price for other dwellings decreased in Perth Inner (-1.0%), Perth Middle (-1.4%) and Perth Outer (-0.6%).

Perth rental market

Perth’s vacancy rate fell further to 0.6 per cent. This was 0.5 percentage points lower than the June quarter and 0.3 percentage points lower annually.

The median weekly rent for three-bedroom houses was $470, a 2.2 per cent increase on the previous quarter and up 11.9 per cent over the year.

Two-bedroom other dwellings recorded a median weekly rent of $450, a 4.7 per cent increase over the quarter and 12.5 per cent for the year.

Source: REIA Market Facts September 2022 quarter

“While Perth remains quite affordable, it has been a challenging time for the rental market,” Ms Hart said.

”The housing shortage has seen the vacancy rate fall and prices rise.

“However, after seeing investors leaving the market in the past two years, with more than 18,000 fewer rentals now since the peak in January 2021, we are starting to see increasing investor activity, particularly from Eastern States investors.

“This is a positive sign in regard to boosting rental stock levels. Rental listings will remain low in the medium term but are expected to improve over the next 12-18 months, as both building completions and investor activity increase.”

Median house rental prices: Perth and regional zones

Over the quarter, the median rent for houses increased in all Perth areas: Perth Inner (8.1%), Perth Middle (5.0%) and Perth Outer (1.1%).

In regional Western Australia, it increased in Bunbury (6.5%), but decreased in Broome (-3.8%) and Albany (-1.3%).

Over the past year, the median rent for houses increased in all metropolitan zones: Perth Inner (16.5%), Perth Middle (16.7%) and Perth Outer (11.6%).

In regional Western Australia, it increased in Bunbury (23.8%), Broome (10.3%) and Albany (1.3%).

Median two-bedroom dwelling rental prices: Perth and regional zones

Over the quarter, the median rent for other dwellings increased in all Perth areas: Perth Inner (3.2%), Perth Middle (3.5%) and Perth Outer (7.9%).

In regional Western Australia, it increased in Bunbury (8.3%) and Albany (20.0%) but remained stable in Broome.

Over the past year, the median rent for other dwellings increased in all metropolitan zones: Perth Inner (12.9%), Perth Middle (10.0%) and Perth Outer (13.9%).

In regional Western Australia, it increased in Bunbury (18.2%), Broome (21.1%) and Albany (21.7%).