Weekly reported sales in Perth hit a 12 year high in March, with REIWA members reporting an average of 1,078 transactions per week throughout the month.
REIWA President Damian Collins said the Perth market was showing no signs of slowing down, with reported weekly sales back to levels last seen in March 2010.
The appetite for property is strong in Perth. If this sales trajectory continues, we are very likely to see another solid year of price growth, Mr Collins said.
The 10 suburbs to record the biggest increase in sales during March were Joondalup, Banksia Grove, Merriwa, Treeby, Southern River, Beckenham, Wannanup, Nollamara, Iluka and Yangebup.
CoreLogic home value index and median house sale price
CoreLogics Perth home values index increased one per cent in March, bringing total growth for the first three months of the year to 1.9 per cent.
Perth is firmly on track to achieve the 10 per cent price growth forecast by REIWA last year, Mr Collins said.
Even with interest rates tipped to increase later this year, WA is in a very good position. We have the most affordable housing in the country and one of the strongest economies in the world.
reiwa.com data shows Perths median house sale price was $525,000 in March, which is the most affordable median house sale price of any capital city in the country.
The suburbs to record the biggest median house sale price growth during March were East Fremantle (up 4.8 per cent to $1.376 million), Mount Hawthorn (up 4.3 per cent to $1.16 million), Treeby (up 3.8 per cent to $577,000), East Victoria Park (up 2.8 per cent to $705,000) and Waikiki (up 2.6 per cent to $390,000).
Other suburbs to perform well were Yangebup, Craigie, Lakelands, Spearwood and Swan View.
Listings for sale
There were 7,796 properties for sale on reiwa.com at the end of March, which is two per cent higher than February and six per cent lower than the end of March 2021.
We saw a slight increase in for sale stock over the month, but listings remain very low especially when compared to historical averages, Mr Collins said.
Time on market
The median time to sell a house during March was 15 days, which is one day faster than February 2022 and the same as March 2021.
Properties are still selling very quickly in Perth, with buyers needing to act quickly and competitively in order to secure the property, Mr Collins said.
reiwa.com data shows the fastest-selling suburbs in March were Merriwa (six days), Woodvale (six days), Tapping (seven days), Carramar (seven days) and Currambine (seven days).
Other suburbs to record fast median selling times were Cooloongup, Harrisdale, Kingsley, Atwell and Floreat.
Perth rental market
Median rent price
Perths median rent price held at $450 per week for a fourth consecutive month during March.
"It is quite remarkable that the median rent price has been unchanged since December given how fierce competition for rentals is. Despite the rental shortage, WA tenants continue to enjoy the most affordable rental environment in the country, Mr Collins said.
The suburbs to record the biggest increase in median rent during March were Applecross (up $90 to $740 per week), Canning Vale (up $20 to $520 per week), Maylands (up $15 to $475 per week), Willetton (up $15 to $495 per week) and Armadale (up $10 to $340 per week).
Other suburbs to record notable increases were Como, Spearwood, Byford, Banksia Grove and Secret Harbour.
Median leasing times
It took a median of 16 days to lease a rental during March, which was the same as February and three days faster than March 2021.
The suburbs that recorded the fastest median leasing times during March were Wellard (10 days), Piara Waters (11 days), Parmelia (12 days), Willetton (12 days) and Alkimos (13 days).
Other suburbs to experience fast median leasing times were Butler, Canning Vale, Harrisdale, Innaloo and Maylands.
Listings for rent
There were 2,364 properties for rent on reiwa.com at the end of March, which is nine per cent more than there were at the end of February.
Whilst its pleasing listings for rent increased during the month, we are still a long way off rectifying the rental shortage. We need to entice investors back to the WA market to help house tenants and keep our rental market affordable, Mr Collins said.
