Fresh Perth home listings surge to the highest level in three years
The median time to sell a house in Perth has risen to 13 days in November, up from the nine days recorded for most of 2024.
REIWA chief executive Cath Hart said median days on market had been rising for the past few months, and the change reflected the increase in the number of listings for sale over the same timeframe.
There are signs Perth’s overheated housing market is finally starting to ease.Credit: Ross Swanborough
“New listings are at their highest level in three years and this is giving buyers more options than they’ve had for some time,” she said.
“Our members report buyers are taking a little more time in their purchasing decisions. As a result, homes are taking slightly longer to sell. However, Perth remains a seller’s market.
“Homes in Perth are selling in around two weeks now which is still incredibly fast — by comparison, pre-COVID, the median time to sell was more than 40 days.”
Hart said demand remained strong at home opens, with multiple offers being presented in most cases and prices still rising.
“However, strong price growth over the past year means affordability is a growing issue and buyers are becoming more price conscious,” she said.
There were 5576 properties for sale in Perth at the end of November, 10.9 per cent higher than October, and 17 per cent higher than a year ago.
The median house sale price rose 1.7 per cent to $727,500, which was 22.3 per cent higher than November 2023.
The median unit sale price increased 2.1 per cent to $485,000. This was 18.3 per cent higher year-on-year.
The Perth suburbs that saw the most growth in their median house sale price in November were Shoalwater (up 3.1 per cent to $773,500), Currambine (up 3.1 per cent to $872,000), Carramar (up 2.7 per cent to $841,000), Warnbro (up 2.5 per cent to $615,000) and Duncraig (up 2.5 per cent to $1,153,000).
Innaloo, High Wycombe, Balcatta, Balga and Coolbellup were also among the top performers, recording growth of 2.1 per cent or more over the month.
Houses in Perth sold in a median of 13 days in November, one day slower than October and four days slower than a year ago.
Units also sold in a median of 13 days, one day slower than last month, but unchanged from 12 months ago.
The fastest selling suburbs for houses in November were Alkimos, Beeliar, Maylands, Orelia and Palmyra (six days); and Waikiki, Melville, Mount Lawley, Mount Pleasant and Riverton (seven days).
The median weekly rent for houses rose to $670, a 3.1 per cent increase month-on-month and 9.8 per cent higher than November 2023.
The median rent for units declined to $620 per week, 1.6 per cent lower than October, but 12.7 per cent higher than 12 months ago.
There were 2226 properties available for rent at the end of November, a 13.9 per cent increase on October and 15.8 per cent higher than the same time last year.
Hart said the median house rent had been stable for most of the year and some movement was to be expected.
“November tends to be one of the busiest months of the year for leasing activity as we head into Christmas, so this can lead to more competition for available properties, which can then see an increase in rent prices,” she said.
“The increased demand is reflected in the slight fall in the median time to rent.”
Ray White Group chief economist Nerida Conisbee said the housing market was showing clear signs of moderation as 2024 drew to a close.
“Looking toward 2025, several factors will shape market conditions. Population growth continues to underpin housing demand, while construction cost pressures restrict new supply,” she said.
“While price growth is expected to continue through 2025, the pace is likely to moderate further as markets adjust to evolving economic conditions and buyer sentiment responds to changing interest rate settings.”