Perth Property Listings Climb as Market Conditions Shift

Shifts in market conditions have led to an increase in the number of properties advertised for sale across Perth.

Active listings reached 5,082 at the end of March, representing a 4.8 percent rise compared to the end of February and a 41.5 percent increase on the same time last year.

REIWA President Suzanne Brown said two key changes were affecting the market.

“Population growth has been slowing, which has slightly eased the demand for property,” she said.

“It’s fallen from the peak of 3.4 percent in the year to September 2023 to 2.5 percent in the year to September 2024.

While this data is lagged, market activity suggests the rate of growth continues to slow.

“There is still strong demand for property, but not at the levels it was a year ago. As a result, the frenzied conditions of early 2024, when properties were selling in a median of nine days and there were less than 3,600 listings on the market, have eased.”

The second factor was the number of new listings.

“We saw a surge in new listings in October and November last year and properties have continued to come to the market in fairly consistent numbers since then,” Ms. Brown said.

“As a result, buyers have had more choice and have been able to take more time in their purchasing decisions.

“Coupled with the slight change in demand, this is seeing properties take longer to sell, active listings rise and price growth slow.”

Property Value Growth

Perth’s median house sale price increased by 1.2 percent in March, reaching $766,500. This is 20.7 percent higher than in March 2024.

The median unit sale price also saw a 1.2 percent rise for the month, up 20.0 percent year-on-year to $516,000.

“Although the market has changed and the rate of price growth is slowing, strong demand is still placing upward pressure on property prices, and this is expected to continue in the short term,” Ms. Brown said.

“However, conditions do vary across Perth. Those considering selling their property should consult with their REIWA agent to understand buyer activity in their local area and ensure their property is presented and priced to align with current market conditions.”

The suburbs that experienced the largest growth in median house sale prices in March included Fremantle (up 3.5 per cent to $1,345,000), Yokine (up 3.3 per cent to $1,017,000), Kensington (up 2.9 per cent to $1,325,000), Hillarys (up 2.5 per cent to $1,396,000) and Mandurah (up 2.4 per cent to $545,000).

Kardinya, Ocean Reef, Aveley, Bicton and Hamilton Hill were also top performers, with growth of 2.2 per cent or more over the month.

Median Selling Time

In March, houses in Perth sold in a median of 13 days, the same as February but four days slower than the previous year.

Units also sold in a median of 13 days, one day slower than February and two days slower than March 2024.

Data from www.reiwa.com shows the fastest selling suburbs for houses in March included Willagee and Hammond Park (six days), Craigie, Orelia, Palmyra, and Parmelia (seven days), and Lakelands, South Yunderup, Armadale, and Cooloongup (eight days).

Perth rental market 

Perth’s median rent for dwellings increased by 0.7 percent to $680 per week in March. This is 4.8 percent higher than the same time last year.

The median weekly rent for houses rose to $690, up 1.5 percent from February and 6.2 percent higher than March 2024.

The median rent for units remained steady at $650 per week, but was 8.3 percent higher than a year ago.

“We continue to see small fluctuations in rent prices month-to-month, but the rate of annual price growth has slowed significantly,” Ms. Brown said.

“With population growth easing, which is slightly reducing demand for rental properties, we can expect this trend to continue.”

“I remind investors and tenants that conditions can vary from one suburb to another. Competition for properties in some areas remains high, leading to moderate rent price growth. In other areas, the median weekly rent has decreased over the year.”

According to www.reiwa.com, the suburbs that saw the highest growth in their median weekly rent prices in March were Spearwood (up 6.2 per cent to $690), Tuart Hill (up 4.9 per cent to $640), Victoria Park (up 4.8 percent to $650), Mosman Park (up 4.6 percent to $680), and Wembley (up 4.5 percent to $575).

Rental Listings

At the end of March, there were 2,126 properties listed for rent on www.reiwa.com. This was a 5.4 percent increase compared to February and 14.9 percent higher than the same time last year.