Perth recorded the highest percentage increase in median sale price for 'other dwellings' over the December 2024 quarter, according to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts.
The median sale price for two-bedroom 'other dwellings', which includes home units, townhouses, flats/apartments and terrace homes, rose 3.9 per cent to $535,000 over the December quarter. This was 24.4 per cent higher than a year ago.
The median sale price for three-bedroom houses increased 2.8 per cent in the three months to December to $783,000. This was an increase of 20.5 per cent year-on-year.
REIWA President Suzanne Brown said while Perth had experienced some of the strongest growth nationwide, there were definite signs of a shift in buyer behaviour in the past few months.
"For most of 2024, FOMO drove intense competition for homes and saw buyers borrow as much as they could to secure a property," she said.
"Towards the end of the year, the number of new listings increased, giving buyers more choice. They were able to take more time with their purchasing decisions and we saw the median time to sell increase.
"FOMO has eased, and our members report buyers are being more discerning and also more prudent – they are looking at what they can comfortably afford to repay.
"Those entering the market now will have a different experience to sellers last year, with more moderate price growth, homes taking slightly longer to sell and fewer properties selling at the first home open.
"It's more important than ever for sellers to work with a local REIWA agent to ensure their home is well-presented and appropriately priced for current conditions."
In the three months to December, the median sale price for houses increased in Brisbane, Adelaide and Hobart, but decreased in Sydney, Melbourne, Canberra and Darwin. Median sale prices for other dwellings increased in all capital cities except Melbourne, Hobart and Darwin, where prices decreased.
