elizabeth quay
House prices continue to increase in Perth despite listings on the rise. Image – Canva.
  • Median selling days are around 15-year lows
  • Number of listings for rent are up, with the median price stable
  • Time to lease property remains at 18 days

For the tenth consecutive month, house prices in Perth have increased, with the CoreLogic Perth home value index showing a 1.1% rise during May.

On top of this, median selling days are near 15-year lows, rental listings are up and the median rental price has been stable during May, according to data from the Real Estate Institute of Western Australia (REIWA).

The median house sale price in May for Perth was $510,000 with 81 suburbs recording price growth in house sales during the month.

Damian Collins, REIWA President, said Attadale and Scarborough were the top performers during the month, recording growth of 4.9% and 3.8% respectively, with Melville, South Lake and Hamilton Hill following closely.

The REIWA President noted that competition continues to remain high with the median time to sell in Perth being a quick 14 days in May.

According to reiwa.com, 9,020 properties were listed for sale in Perth by the end of May, 0.8% more than the end of April and 14.9% higher than three months ago.

Here is a 45-second clip of Mr Collins talking about the Perth residential market at last Friday’s Property Council lunch…

Notably, listings in the market are up above the 9,000 market for the first time since November 2020, but it is still far short of the ‘balanced market’ of around 12,000 to 13,000 properties for sale.

“Given the buoyancy of the Perth sales market, more and more people are recognising that there is good opportunity to sell their home for a competitive price which is leading to an increased number of properties on the market.”

Damian Collins, REIWA President

Rental market stabilising

Rental listings are rising, with a 3.8% increase while despite this increase in supply, the median rent price was stable during May at $420 per week.

“This is only the second time this year that we’ve seen the median rent price remain unchanged. The increase in listing volumes coupled with stable rents suggests the challenging market conditions facing tenants are beginning to ease,” Mr Collins said.

“While the rental market has some way to go before it balances out, the signs are encouraging that we are on the right track.

“Since the moratorium ended in March, we’ve seen investor activity start to build again, as evidenced by last month’s ABS investor finance figures, which is producing more rental stock and helping to slow down rental price growth.”

Over the past three months, rental listings have increased by 7.4%.

Kewdale, Balcatta and Maddington were the three suburbs that recorded the biggest increases in rental listings during May.

The median time to lease property was 18 days – since September 2020 the median time has hovered between 17 and 19 days, although compared to last year, property investors are finding tenants nine days faster.

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