Perth's median house sale price hits $740,000

In December, Perth’s median house sale price rose to $740,000, up 1.7 per cent from November and 23.3 per cent higher than December 2023.

The median unit sale price also rose, increasing 2.1 per cent over the month and 20.0 per cent year-on-year to $495,000.

REIWA CEO Cath Hart said while there was talk about declining prices and buyers’ markets on the east coast, conditions in Perth still favoured sellers and price growth.

“While the rate of price growth has slowed in the past couple of months, the underlying fundamentals remain strong,” she said.

“This includes strong population growth, with WA recording 2.8 per cent growth in the year to June 2024, low unemployment and a strong economy.

“Demand for established housing remains high, with properties still selling quickly.”

The suburbs that saw the most median house sale price growth in December were Applecross (up 4.2 per cent to $2,500,000), Parkwood (up 4 per cent to $790,000), City Beach (up 3.4 per cent to $3,000,000), Fremantle (up 3 per cent to $1,295,000) and Westminster (up 3 per cent to $623,000).

South Perth, Medina, Shoalwater, Hamersley and Coolbellup were also among the top performers, recording growth of 1.9 per cent or more over the month.

Time on market

Houses in Perth sold in a median of 15 days in December, two days slower than November and five days slower than a year ago.

Units also sold in a median of 15 days, two days slower month-on-month and one day slower than a year ago.

Ms Hart said the change reflected the traditional slowdown in activity over December as well as the increase in new listings experienced in the past few months.

“The time to sell a property often increases in December. There is usually a flurry of activity earlier in the month with things slowing down as people become busy with end-of-year festivities. In addition, there are several public holidays at this time of year that slow market activity,” she said.

“This year, our members are also reporting the increase in new listings in the months leading up to December had reduced the FOMO seen earlier in 2024, giving buyers more choice. As a result, they are taking a bit more time with their purchasing decisions.

“I will note that homes are still selling very quickly; pre-COVID the median time to sell was over 40 days.”

According to www.reiwa.com data, the fastest selling suburbs for houses in December were Carlisle (six days); Beeliar and Cooloongup (seven days); Nollamara and Palmyra (eight days); Spearwood, Golden Bay, Joondalup and Maddington (nine days); and Kinross (10 days).

Listings for sale

Active listings* for sale settled at 4,395 at the end of December. This was 22.6 per cent lower than November, but 20.5 per cent higher than a year ago.

“Active listings normally decline over the festive season, so the month-on-month decrease is not surprising,” Ms Hart said.

“It is good to see that active listings are significantly higher than 12 months ago, which is positive news for buyers.”

Perth rental market

Perth’s median dwelling rent remained stable at $650 per week in December. This was 8.3 per cent higher than the same time last year.

The median weekly rent for houses was also unchanged at $670. This was 8.1 per cent higher than December 2023.

The median rent for units rose to $650 per week, 4.8 per cent higher than November and 14.0 per cent higher year-on-year.

Ms Hart said while rental prices had recorded periods of stability in 2024, movement in the market was to be expected.

“There is still strong demand for rental homes, particularly those that are more affordable or in popular locations, such as close to the city,” she said.

“This is putting some upward pressure on prices.”

According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in December were South Perth (up 10.4 per cent to $773), Maylands (up 9.5 per cent to $548), Nedlands (up 6.3 per cent to $850), Mount Lawley (up 5 per cent to $630) and Hamilton Hill (up 4.8 per cent to $650).

Listings for rent

There were 1,785 properties available for rent on www.reiwa.com at the end of December. This was 18.9 per cent lower than November, but 17.6 per cent higher than the same time in 2023.

Median leasing times

Homes leased in a median of 15 days during December, unchanged from November and a year ago.

www.reiwa.com data showed the suburbs recording the fastest median leasing times were Clarkson and Subiaco (nine days); Bayswater and Wembley (10 days); Claremont, Cottesloe and Joondanna (11 days); and Joondalup, Mosman Park and Balga (12 days).

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