Changing market conditions have seen the number of properties advertised for sale in Perth increase.
Active listings* settled at 5,082 at the end of March. This was 4.8 per cent higher than at the end of February and 41.5 per cent higher than a year ago.
REIWA President Suzanne Brown said there were two changes in conditions that were impacting the market.
"Population growth has been slowing, which has slightly eased the demand for property," she said.
"It's fallen from the peak of 3.4 per cent in the year to September 2023 to 2.5 per cent in the year to September 2024.
While this data is lagged, market activity suggests the rate of growth continues to slow.
"There is still strong demand for property, but not at the levels it was a year ago. As a result, the frenzied conditions of early 2024, when properties were selling in a median of nine days and there were less than 3,600 listings on the market, have eased."
The second change was to the number of new listings.
"We saw a surge in new listings in October and November last year and properties have continued to come to the market in fairly consistent numbers since then," Ms Brown said.
"As a result, buyers have had more choice and have been able to take more time in their purchasing decisions.
"Coupled with the slight change in demand, this is seeing properties take longer to sell, active listings rise and price growth slow."
Sales prices
Perth's median house sale price rose 1.2 per cent in March to $766,500. This was 20.7 per cent higher than March 2024.
The median unit sale price also rose, increasing 1.2 per cent over the month, and 20.0 per cent year-on-year to $516,000.
"While there has been a change in the market and the rate of price growth is slowing, relatively strong demand is still putting upward pressure on property prices and this is not expected to change in the short-term," Ms Brown said.
"However, conditions do vary across Perth and people thinking about putting their property on the market now should speak to their REIWA agent about buyer activity in their local area, and present and price their property to meet the local market conditions."
The suburbs that saw the most median house sale price growth in March were Fremantle (up 3.5 per cent to $1,345,000), Yokine (up 3.3 per cent to $1,017,000), Kensington (up 2.9 per cent to $1,325,000), Hillarys (up 2.5 per cent to $1,396,000) and Mandurah (up 2.4 per cent to $545,000).
Kardinya, Ocean Reef, Aveley, Bicton and Hamilton Hill were also among the top performers, recording growth of 2.2 per cent or more over the month.
Time on market
Houses in Perth sold in a median of 13 days in March, unchanged from February but four days slower than a year ago.
Units also sold in a median of 13 days, one day slower than February and two days slower than March 2024.
According to www.reiwa.com data, the fastest selling suburbs for houses in March were Willagee and Hammond Park (six days); Craigie, Orelia, Palmyra and Parmelia (seven days); and Lakelands, South Yunderup, Armadale and Cooloongup (eight days).
Perth rental market
Perth's median dwelling rent rose 0.7 per cent to $680 per week in March. This was 4.8 per cent higher than the same time last year.
The median weekly rent for houses rose to $690, 1.5 per cent higher month-on-month and 6.2 per cent higher than March 2024.
The median rent for units remained stable at $650 per week but was 8.3 per cent higher than a year ago.
"We continue to see some minor movement in rent prices on a monthly basis, but the rate of annual price growth has declined significantly," Ms Brown said.
"With population growth slowing, marginally easing the demand for rental property, we can expect this to continue.
"I remind investors and tenants that conditions vary from suburb to suburb. Competition for properties in some suburbs is still high and these areas continue to record moderate rent price growth. Other areas have seen their median weekly rent price decline over the year.
"If you own an investment property it is important to speak to your REIWA property manager about conditions in your local area, including tenant demand and rent price movement.
"If you're looking for a home to rent, visit www.reiwa.com to get an understanding of median rent prices, price growth and the asking prices for advertised properties in the area you want to live in. It will give you an idea of what to expect. You can also speak to REIWA property managers for an update on local conditions."
According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in March were Spearwood (up 6.2 per cent to $690), Tuart Hill (up 4.9 per cent to $640), Victoria Park (up 4.8 per cent to $650), Mosman Park (up 4.6 per cent to $680) and Wembley (up 4.5 per cent to $575).
Listings for rent
There were 2,126 properties available for rent on www.reiwa.com at the end of March. This was 5.4 per cent higher than February and 14.9 per cent higher than the same time last year.
Median leasing times
Homes leased in a median of 15 days during March, unchanged from February and 12 months ago.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Osborne Park and Wellard (eight days); Innaloo and Hamilton Hill (nine days); Dianella (10 days); Alkimos, East Victoria Park and Eglinton (11 days); and Fremantle and Mosman Park (12 days).
* Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
