Perth’s property prices pushing upwards, as July sets new high median house price

• A new median house price record was set in July, now $560,000.
• Turnaround time for house sales remained at 10 days.
• Perth's median rent matched June with $550 per week.

This year has seen a steady rise in Perth’s median house price, with July recording a new high of $560,000. Perth’s current median price is 0.9% higher than June’s and 4.7% higher than last year. The median unit price, however, fell 0.4% to $398,000 and sits 2.9% lower than a year ago.

Beating the 2014 peak

Perth’s housing market last recorded a peak in 2014, when median house prices were $545,000.

The steady rise to $560,000 was welcome news, said REIWA CEO, Cath Hart.

“While massive price hikes make great headlines, moderate increases are better for the market,” said Hart.

“They allow sellers to achieve capital growth over time, while ensuring home ownership remains relatively affordable and attainable.”

Hart observed that while house prices have hit new highs, 99 suburbs have median house prices below the city-wide figure.

Median price trends for Perth

Many experts believe tight supply continues to keep a floor under prices, with Perth seemingly no exception.

The city had 5,181 properties available for sale at the end of July. This figure is 3.1% down on last month, and almost 40% lower than 12 months ago.

Hart added that while listings numbers are expected to lift as spring approaches, it will be some time before a balanced market returns.

Homes still selling like hotcakes

The strong demand in Perth’s property market was reaffirmed by a repeat of June’s record low for time to sell; houses spent a median of 10 days on market.

Some of the fastest selling suburbs, according to REIWA data, were Greenfields, Cooloongup, and Dayton, selling in four days; with Seville Grove and Wellard selling in five days; and Harrisdale, Armadale, Atwell, Kardinya, and Mandurah selling in six days.

Rents, however, remained stable for July. The median weekly rent is $580 per week for houses and $525 for units; Perth’s median dwelling rent remained the same as June, sitting at $550 per week.

While prices were generally stable, Glendalough recorded a 60% leap in rents, now fetching $690 per week. Even outer ring suburbs, like Shoalwater, managed to grow 40%, now recording rents of $560 per week.

Leasing times in July matched the previous month, taking 16 days to lease a rental. Some areas, however, managed a quicker turnaround.

Perth’s suburbs with the quickest leasing times

Source: REIWA.

The number of rentals continued to fall, down 11.8% from June, and 16.4% lower than July 2022; there were 1,876 properties available for rent on the REIWA website at the end of July.