In November, the median time to sell a house in Perth rose to 13 days, compared to nine days for most of 2024.

REIWA CEO Cath Hart mentioned that the increase in selling time reflects a rise in the number of homes for sale.

“New listings are at their highest in three years, giving buyers more choices,” she said. “Our members are noticing that buyers are taking more time to decide. Homes are selling a bit slower, but Perth is still a seller’s market.”

Houses are selling in about two weeks, which is still very fast. Before COVID, it took over 40 days to sell a house.

“Demand is strong,” added Hart. “There are good turnouts at open houses, many offers on homes, and prices continue to rise. However, rising prices are making affordability a challenge for buyers.”

The increase in new listings has also led to a growth in active listings. At the end of November, there were 5,576 properties for sale in Perth on www.reiwa.com, up 10.9% from October and 17% from last year.

Perth Sales Prices

Property prices in Perth continued to increase in November. The median house price rose 1.7% to $727,500, up 22.3% since last November. The median unit price increased 2.1% to $485,000, which is 18.3% higher than a year ago.

Some suburbs saw significant growth in median house prices in November, including:

• Shoalwater: up 3.1% to $773,500
• Currambine: up 3.1% to $872,000
• Carramar: up 2.7% to $841,000
• Warnbro: up 2.5% to $615,000
• Duncraig: up 2.5% to $1,153,000

Time on Market

Houses and units in Perth both sold in a median time of 13 days in November. This is one day slower than October but unchanged from a year ago.

The fastest-selling suburbs for houses in November included Alkimos, Beeliar, Maylands, Orelia, and Palmyra, which sold in about six days.

Perth Rental Market

The median rent for homes in Perth stayed at $650 per week, which is 8.3% higher than last year.

The median rent for houses rose to $670, a 3.1% increase from last month and 9.8% higher than November 2023. The rent for units decreased to $620 per week, down 1.6% from October but up 12.7% from a year ago.

Hart explained that while house rents have been stable, some changes are normal around this busy season.

“November is a popular month for leasing as we approach Christmas, leading to more competition and possible rent increases,” she said.

In November, the suburbs with the biggest increases in rent included:

• Tuart Hill: up 8.3% to $650
• Nedlands: up 7.4% to $800
• Brabham: up 7.1% to $750
• West Perth: up 5.1% to $725
• South Perth: up 4.9% to $750

Listings for Rent

At the end of November, there were 2,226 properties available for rent on www.reiwa.com, which is a 13.9% increase from October and a 15.8% increase compared to last year.

Median Leasing Times

In November, homes were rented out in a median time of 15 days, which is one day faster than October but one day slower than last year.

The suburbs with the quickest leasing times were Hamilton Hill (eight days) and Balga (nine days).