Perth's median house sale price rose 1.4 per cent in January to $750,000. This was 23.0 per cent higher than January 2024.
The median unit sale price also rose, increasing 1.0 per cent, and 20.5 per cent year-on-year to $500,000.
REIWA CEO Cath Hart said property prices were still rising, but at a slower pace than seen in 2024.
"We are seeing a softer market at the moment, which is fairly typical of festive season activity but also reflects the easing of FOMO seen in the latter part of 2024," she said.
"Our members report buyers are being more discerning and are generally taking more time with their purchasing decisions.
"However, activity does vary across Perth. Buyers are seeking quality – well-presented homes in sought-after areas are still seeing good numbers at home opens and are selling quickly. Other properties may see less interest and take longer to sell.
"While conditions still favour sellers, it is important for them to listen to their agent regarding presentation and appropriate pricing for their location and target market."
The suburbs that saw the most growth in January were Scarborough (up 2.7 per cent to $1,204,000), Dawesville (up 2.5 per cent to $717,500), Camillo (up 1.8 per cent to $580,000), Greenfields (up 1.7 per cent to $590,000) and Port Kennedy (up 1.5 per cent to $690,000).
Seville Grove, Nollamara, Swan View, Dayton and Joondalup were also among the top performers, recording growth of 1.2 per cent or more over the month.
Time on market
Houses in Perth sold in a median of 22 days in January, seven days slower than December and 13 days slower than a year ago.
Units sold in a median of 17 days, two days slower month-on-month and four days slower than January 2024.
"Historically, the time to sell increases over the festive season, however this change also reflects the overall change in buyer sentiment," Ms Hart said.
"We may see this decrease slightly as we enter the busy autumn season but are most likely to see days on market ease further over 2025."
According to www.reiwa.com data, the fastest selling suburbs for houses in January were Cooloongup (six days); Butler, Mount Lawley and Palmyra (seven days); Bentley, Hamilton Hill and Wellard (eight days); and Padbury, Scarborough and High Wycombe (nine days).
Listings for sale
Active listings* for sale settled at 4,767 at the end of January. This was 8.5 per cent higher than at the end of December and 25.5 per cent higher than a year ago.
"Active listings declined towards the end of December and were fairly low in early January, which is typical for that time of year," Ms Hart said.
"We saw the number of new listings increase towards the end of the month. Active listings have also risen and are up significantly from the same time in 2024.
"This is a reflection of both the increase in the time to sell and more properties coming to market in the past couple of weeks."
Perth rental market
Perth's median dwelling rent rose 3.1 per cent to $670 per week in January. This was 8.9 per cent higher than the same time last year.
The median weekly rent for houses recorded a 1.5 per cent increase over the month to $680. This was 6.3 per cent higher than January 2024.
The median rent for units remained stable at $650 per week but was 12.1 per cent higher than a year ago.
"We continue to see some monthly movement in rent prices, but what is of note is the significant decline in the annual growth rates," Ms Hart said.
"A year ago, the annual growth rate was 18.3 per cent for dwellings, 16.4 per cent for houses and 20.8 per cent for units.
"The change highlights the moderation in the rental market over the past year."
According to www.reiwa.com, the suburbs that saw the most growth in their median weekly dwelling rent price in January were Nedlands (up 17.6 per cent to $1,000), Scarborough (up 5.7 per cent to $740), Innaloo (up 3.8 per cent to $750), Perth (up 3.7 per cent to $700) and Doubleview (up 3.7 per cent to $778).
Listings for rent
There were 2,216 properties available for rent on www.reiwa.com at the end of January. This was 24.1 per cent higher than December and 17.4 per cent higher than the same time last year.
Median leasing times
Homes leased in a median of 16 days during January, one day slower than December, but unchanged from January 2024.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Hamilton Hill (seven days); Dianella and Joondalup (eight days); Wembley, Leederville and West Leederville (nine days); Claremont, Yokine and Tuart Hill (10 days); and Thornlie (11 days).
* Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
