The Perth property market performed well in 2023-24, with 54,307 preliminary settled sales of houses, units and land for the year.
Despite a perceived shortage of homes for sale, the settled sales result is currently just 3.9 per cent lower than FY2022-23. The gap will close as more properties settle in the next few months, with REIWA data showing the number of sales for 2023-24 will likely exceed the previous financial year.
REIWA CEO Cath Hart said while active listings remained low throughout 2023-24, newly-listed properties still came to the market in reasonable numbers.
"People are still selling, but homes are being snapped up in record timeframes so the number of properties advertised at any time appears low," she said.
While the number of sales is currently lower than 2022-23, the preliminary total value of sales is $39,564,740,679, which is 13.2 per cent higher.
Ms Hart said the increase in total value reflected the increase in sale prices across Perth.
"While volumes were slightly down, the total value of property transactions was nearly $40 billion for the year which reflects the sustained price increases we've seen in the WA market," she said.
"The median house sale price set a new record month after month over the financial year, and is now $665,000 for the year to June 2024. This is 18.8 per cent higher than at the end of the 2022-23 financial year.
"The median unit sale price increased 11.3 per cent year-on-year to reach $445,000, just $5,000 below the previous record of $450,000 in 2014. We expect this record to be broken in the next few months."
Viveash recorded the highest price growth for houses, with its median house sale price increasing 40.9 per cent over 2023-24 to $620,000.
"Affordability remains a focus for buyers and this is reflected in the make up of the Top 10 suburbs for house price growth," Ms Hart said.
"The majority have a median sale price below Perth's median and only two have a median house sale price over $1million.
"It indicates strong demand for suburbs in more affordable price brackets. Demand is also reflected in their selling times. The more affordable suburbs on the list have a median time on market that is nearly half that of the suburbs with a median over $1 million."
In the unit market, Cottesloe was the top performer, with its median sale price rising 50.9 per cent to $1,200,000. Bayswater recorded growth of more than 40 per cent.
Like the Top 10 list for house price growth, seven of the suburbs in the Top 10 for units have a median sale price under Perth's median unit price.
"While the unit market was slower to respond to market conditions over most of 2023, in 2024 we have seen demand and price growth accelerate," Ms Hart said.
"The overall demand for property, and particularly the strong motivation to exit the challenging rental market, has seen demand for units increase. Units are generally more affordable than houses, which helps people put a foot on the property ladder in a rising market. This is helping drive price growth in the unit market."
2023-24 saw houses sell incredibly quickly, with a new monthly record of a median eight days on market set in October and November. This was sustained throughout the first half of 2024.
"Affordability also came to the fore in the fastest selling list, with all ten suburbs recording a median house sale price below $550,000," Ms Hart said.
"While there is clearly the appetite for, and ability to, buy property in Perth, price is important and buyers continue to act quickly when they see value.
"Houses sold in a median of less than a week for all the suburbs on the list. High demand also saw these suburbs record strong price growth."
The fastest selling suburb for houses was Cooloongup, where homes sold in a median of five days.
The demand for units in 2024 saw a new record median time on market of nine days set in February. Mount Hawthorn was the fastest selling suburb for units, with a median six days on market for 2023-24.
