Perth-feature-growth
Image – Canva
  • November marks the fourth consecutive month of increased sales
  • Weekly sales figure during the month was 1,048
  • “The Perth residential sales market is in a very good position for further growth as we exit 2021 and move into 2022.”

During November, sales activity increased 9% in Perth with REIWA’s reported sales data showing the average weekly sales figure was 1,048 during the month, which is 24% higher than November in 2020.

REIWA President Damian Collins said the spring selling season had turned up a notch, with November marking the fourth consecutive month of increased sales.

“It was another strong month of sales in Perth, with REIWA members on the ground reporting high sales turnovers across all price points.

“The Perth residential sales market is in a very good position for further growth as we exit 2021 and move into 2022.”

REIWA President Damian Collins

Values

CoreLogic’s Perth home value index increased 0.2% during November and is up 14% on an annual basis.

reiwa.com data shows Perth’s median house sale price was $520,000 in November.

Mr Collins said, “Whilst overall price growth is modest, the suburb level data tells a very different story with 90 suburbs recording price growth during the month.”

Top 5 suburbs which recorded the biggest price growth

Suburb Increase New median
Willagee 4% $625,000
Golden Bay 3.8% $395,000
Spearwood 2.9% $525,000
East Victoria Park 2.9% $700,000

Source: reiwa.com, November 2021

Listings

On reiwa.com, there were 9,271 properties for sale at the end of November, which was 7% more than October.

Mr Collins said, “As is typical for this time of year, we’ve seen a steady increase throughout spring in the number of properties for sale in Perth as sellers look to capitalise on the strong market conditions.”

On an annual basis, reiwa.com data shows listings for sale are 6% lower than they were at the end of November 2020.

Market time

Mr Collins said, “Properties sold very quickly in November, with the median time to sell now just two weeks.

“That is exceptionally fast and illustrates buyers are needing to act swiftly in this market and put in competitive offers to ensure they don’t miss out on a property.”

Reiwa.com data shows the fastest-selling suburbs were Heathridge (five days), Shenton Park (six days), Claremont (six days), Kingsley (six days), and Leeming (six days).

Renting in Perth

There were 2,358 properties for rent on reiwa.com at the end of November, which was 10% more than October.

Mr Collins said, “There was a notable jump in the number of available rentals on the market between October and November.

“We still have a long way to go to achieve a balanced rental market, but this is an encouraging trend and welcome news for Perth tenants searching for a rental.”

The suburbs which saw the biggest increase in listings included Clarkson, Hamilton Hill, Success, Halls Head, and Bentley.

Mr Collins said, “Even though rents have increased, they are still $10 a week more affordable than they were in 2014 when the median weekly rent price peaked at $450.

Top 5 suburbs which recorded the biggest price increase in rent

Suburb Increase New median rent
Cloverdale $20 $420
Carlisle $20 $440
Maddington $13 $370
Armadale $10 $320
Gosnells $10 $350

Source: reiwa.com, November 2021

It took an average of 16 days to lease a rental during November, with the fastest times in Kelmscott, Wellard, Byford, Scarborough, and Innaloo.



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