It took a median of 10 days to sell a property in June, the fastest time on record, according to the latest data from REIWA. Are you thinking about investing in the Perth property market? Find out the latest trends in property investment.

The fastest selling suburbs were Greenfields and Parmelia (three days); Balga, Dudley Park and Port Kennedy (four days); and Bertram, Cooloongup, Armadale, Carlisle and Leeming (five days).

The number of properties available for sale in Perth fell to 5384 at the end of June. This was 4.4 per cent lower than May, and 37.5 per cent lower than 12 months ago. House prices also rose marginally to $551,000 over the 12 months to June according to CoreLogic’s Perth home value index. The index increased 0.9 per cent in June and 2.8 per cent over the past three months.

REIWA president Joe White said the median house price is expected to rise further in coming months.

“Demand remains strong and is being fuelled by population growth, along with more people turning to the established homes market due to the delays and rising costs in the building industry and the challenges of the rental market,” he said. “The trend for house prices shows a steady increase and we will see more significant growth towards the end of the year.

The top-performing suburbs for house price growth in June were:

  • Beeliar (up 3 per cent to $625,000)
  • Hammond Park (up 2.6 per cent to $533,500)
  • Dawesville (up 1.9 per cent to $550,000)
  • Cooloongup (up 1.8 per cent to $417,500)
  • Caversham and Armadale (up 1.4 per cent to $547,500 and $329,500 respectively).

Palmyra, Butler, Waikiki and Cloverdale all recorded growth over 1 per cent.

Across the capital cities, Perth is the only capital where home values are at record highs.

Rental Properties

Median rents reached new heights in June hitting a record $580 per week, up from $570 in May and $500 at the same time last year. The median unit price also set a record. It rose $20 over the month to $520 per week. This was $80 higher than June 2022.

There were just 2146 properties available for rent at the end of June, a 7.4 per cent increase on May, but 5.7 per cent lower than June 2022.

The suburbs that saw the most growth in their median rent price in June were:

  • Claremont (up 44 per cent to $828 per week)
  • Sorrento (up 43 per cent to $1000)
  • Victoria Park (up 33 per cent to $600)
  • Inglewood (up 28 per cent to $600)
  • West Leederville (up 23 per cent to $750).

Overall, Perth’s median dwelling rent price remained unchanged at $550 per week, reflecting a large number of leases around the price range. Data showed it took a median of 16 days to lease a rental during May, one day slower than April, and two days slower than three months ago.

While the upward shift is minimal, Mr White noted it’s an early sign pressure on the rental market is easing.

“For example, while the number of listings is about 6 per cent lower than in June 2022, this is a big improvement compared to the past few months when it’s been about 20 per cent lower year-on-year,” he stated. He reiterated building completions are playing a role in the increase in listings, citing reports from the institute’s agents of more tenants moving out from their rental properties into the principal residences and consequently, freeing up some supply.

“We are also seeing an increase in requests for additional occupants as tenants seek to split the rising rent costs as well as address the difficulty of finding a property in current tight conditions. This is also easing some of the pressure on the market,” Mr White said.

Source: REIWA

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