- Spring sees more sellers come to market
- REIWA analysis reported 5,838 new listings in October
- Buyer demand is high and sellers are taking advantage of the market conditions
Perth suburbs have recorded an increase in listings for sale during October as the spring selling season begins, with Cottesloe recording 4.6% price growth during this time.
REIWA president Damian Collins said spring traditionally sees more sellers come to market, ready to take advantage of increased buyer activity following a winter slowdown.
“Spring has so far continued the trend we’re used to seeing this time of year, as an increasing number of owners choose to list their property for sale, ready to take advantage of Perth’s strong market conditions.”
There were 8,620 properties listed for sale on reiwa.com at the end of October, which is 3% more than September.
REIWA analysis reported 5,838 new listings in October, which is the highest level reported since May.
Mr Collins said, “this illustrates the increase in listings during October is not because properties are languishing on the market, but because buyer demand is high and sellers are taking advantage of the favourable market conditions.”
Darch, Hillarys, Sorrento, and Inglewood were the suburbs which recorded the biggest increase in total percentage listings.
Mr Collins said, “these four suburbs were particular standouts, with listings for sale increasing by 100% or more in each area when comparing October to September.”
Other suburbs to record growth were Treeby, Warwick, Wembley, Langford, Jindalee, and Northbridge.
Perth house prices
CoreLogic’s Perth home value index decreased 0.11% during October.
Mr Collins said, “whilst price growth was relatively subdued during October, on an annual basis Perth home values are up 16.37%.”
REIWA data shows Perth’s median house sale price was $520,000 in October, with 65 suburbs recording price growth during the month.
Five Perth suburbs recording the strongest price growth
The top five suburbs in October range from coastal suburbs such as Cottesloe and Sorrento, to the hub of Joondalup, the north-west suburb of Doubleview and Brabham in the Swan Valley.
According to REIWA, the average time to sell a house during October was 16 days, which is one day faster than it took in September and nine days faster than October 2020.
Mr Collins said, “buyers are still having to act very quickly to secure a property in Perth.”
REIWA data shows the five fastest selling suburbs in October were Heathridge (six days), North Perth (six days), Willagee (six days), Bull Creek (seven days), and Kingsley (seven days).
Other suburbs to perform well were Willetton, Currambine, Padbury, Doubleview and Floreat.
Perth’s average rent price was stable in October, according to REIWA, holding at $430 per week.
Mr Collins said, “in the last three months, we’ve only seen a $5 increase in rents in Perth, which is quite remarkable considering the vacancy rate remains low and competition amongst tenants to secure a rental is still high.”
It took a median of 17 days to lease a rental during October, which was one day faster than September and one day faster than October 2020.
The suburbs to record the fastest leasing times during October were Wellard (10 days), Byford (13 days), Kelmscott (13 days), Yokine (13 days), and Doubleview (13 days).
Other suburbs to perform well were Forrestfield, Halls Head, Seville Grove, Canning Vale, and Secret Harbour.
There were 2,146 properties for rent in Perth on reiwa.com at the end of October.
Mr Collins said, “the biggest issue facing the Perth rental market is not affordability, but a shortage of rental stock. Western Australia needs to see an influx of investors to ensure there is an adequate supply of rental stock to keep up with tenant demand.
“With the WA borders set to open next year, demand for rentals will likely increase. It is imperative that investors are not further deterred from providing rentals in WA and that the outcome of the Residential Tenancies Act review is fair for all parties.”