The Perth property market's Spring selling season has kicked off with active* listings for sale in Perth rising 8.4 per cent in September, settling at 3,952 by the end of the month.
REIWA CEO Cath Hart said new listings had increased compared to the months leading up to the Spring selling season, which had seen active listings rise.
"Spring is one of the strongest sales periods of the year and members are reporting more listings coming to market, with new listings exceeding the number of sales over the past month," she said.
"Properties are still selling very quickly though, which will keep active listings relatively low.
"Active listings are 19.0 per cent lower now than at the same time last year. This is in fact a significant improvement compared to previous months. From November 2023 to May 2024 we saw active listing volumes that were 40 per cent lower year-on-year and they remained more than 30 per cent lower compared to the previous year in every month from May 2023 onwards."
Perth sales prices
Perth's median house sale price increased 1.7 per cent in September and 21.5 per cent over the year to reach $700,000.
The median unit sale price also rose, up 2.2 per cent over the month to $465,000 which was 16.3 per cent higher year-on-year.
Ms Hart said more increases were expected over the remainder of 2024.
"There is still strong demand for established homes, fuelled by population growth and the ongoing constraints in the building industry," she said.
"It will take a significant change in demand or supply to ease the upward pressure on prices in the established homes market.
"We are watching a number of indicators and will report on any clear shifts in conditions."
The suburbs that saw the most median house price growth in September were Coodanup (up 3.5 per cent to $538,000), Bassendean (up 3.2 per cent to $765,000), Duncraig (up 2.9 per cent to $1,140,000), Dudley Park (up 2.9 per cent to $615,000) and Kelmscott (up 2.8 per cent to $550,000).
Mount Pleasant, Forrestfield, High Wycombe, Applecross and Maylands were also among the top performers, recording growth of 1.9 per cent or more over the month.
Time on market
Houses sold in a median of 10 days in September, one day slower than August and one day slower than a year ago.
Units also sold in a median of 10 days, one day slower than August but six days faster than the same time last year.
According to www.reiwa.com data, the fastest selling suburbs for houses in September were Brabham, Golden Bay and Yokine (five days); Balcatta, Como, Kingsley, Maylands, Secret Harbour, Wembley Downs (six days); and Kalamunda (seven days).
Perth rental market
Perth's rental market remained stable in September.
Median weekly dwelling and house rents were unchanged at $650 per week. The median weekly dwelling rent was 12.1 per cent higher year-on-year, while the median weekly house rent was 8.3 per cent higher.
The median weekly unit rent held steady at $600, 12.1 per cent higher year-on-year.
"It's an interesting time in the rental market," Ms Hart said.
"In some cases, when leases end, we are seeing homes come back to market at lower prices, but currently this is more of a correction than a sign of falling prices.
"It is often occurring because the original tenant offered well over the original asking price to secure the property and the new rent price reflects the current market price.
"The high level of competition we saw in the past few years has eased, and the market has reached an affordability ceiling, so property owners can no longer expect to see tenants offering significantly over asking prices for properties. They should be guided by their property manager when setting a rent price."
According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in September were Belmont (up 8.3 per cent to $650), Waikiki (up 4.1 per cent to $573), Victoria Park (up 4.1 per cent to $640), Willetton (up 4 per cent to $780) and West Perth (up 3.2 per cent to $650).
Listings for rent
There were 2,049 properties available for rent on www.reiwa.com at the end of September. This was 6.5 per cent lower than August 2024 but 22.0 per cent higher than the same time last year.
"New rental listings in September were almost on par with new leases, which is why we haven't seen this figure increase, despite the change in the vacancy rate," Ms Hart said.
"While supply is increasing and the market is moderating, the market remains quite tight.
"However listings are higher year-on-year, which is a positive sign for prospective tenants."
Median leasing times
Homes leased in a median of 16 days during September, three days faster than August but two days slower than the same time last year.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Morley (11 days); Joondalup, Nollamara and Spearwood (12 days); Wembley, Ellenbrook and Mandurah (13 days); and Rivervale, Balga and Belmont (14 days).
* Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
