The Perth property market continues its steady growth trajectory, with CoreLogic reporting Perth home values increased 0.3 per cent during February.
REIWA President Damian Collins said the Perth property market was on track for another solid year of price growth.
REIWA members across Perth are reporting strong market conditions. We dont anticipate the demand for property changing any time soon, especially with borders set to open this week, Mr Collins said.
Median house sale price
reiwa.com data shows Perths median house sale price was $525,000 in February.
Despite the strong market conditions, Perth still has the most affordable median house sale price of any capital city in the country, Mr Collins said.
In Sydney and Melbourne, their median house sale prices sit above $1 million pushing the dream of home ownership out of reach for many people. We are lucky that owning your own home is still attainable for most people in Perth.
The suburbs to record the biggest median house sale price growth during February were Mount Nasura (up 3.1 per cent to $490,000), Nedlands (up 2.4 per cent to $2.1 million), Meadow Springs (up two per cent to $430,000), Hammond Park (up 1.9 per cent to $525,000) and Hamersley (up 1.8 per cent to $565,000).
Other suburbs to perform well were Dawesville, Ocean Reef, Cooloongup, Coolbellup and East Victoria Park.
Listings for sale
There were 7,892 properties for sale on reiwa.com at the end of February, which is on par with January and 13 per cent lower than the end of November 2021.
With interstate and overseas migration expected to increase considerably once borders open, we anticipate competition amongst buyers will intensify which will put downward pressure on listing stock, Mr Collins said.
Time on market
The median time to sell a house during February was 16 days, which is the same as January and three days faster than February 2021.
reiwa.com data shows the fastest-selling suburbs in February were Tapping (six days), Coolbellup, Cooloongup, Greenwood and Harrisdale (all seven days).
Other suburbs to record fast median selling times were Carramar, Currambine, Bayswater, Atwell and Craigie.
Perth rental market
Median rent pricePerths median rent price was $450 per week during February, which is stable compared to January.
“This is the third month in a row median rent prices have held at $450 per week. It should reassure tenants that even though demand for rentals is strong, rent prices are not growing at unsustainable levels, Mr Collins said.
The suburbs to record the biggest increase in median rent during February were Yokine (up $15 to $475 per week), Rockingham (up $10 to $390 per week), Scarborough (up $15 to $595 per week), Ellenbrook (up $10 to $420 per week) and Yanchep (up $10 to $450 per week).
Other suburbs to record strong increases were Aveley, Balga, Piara Waters, Doubleview and Duncraig.
Median leasing times
It took a median of 16 days to lease a rental during February, which was the same as January and three days faster than February 2021.
The suburbs that recorded the fastest median leasing times during February were Yanchep (12 days), Alkimos (13 days), Meadow Springs (13 days), Yokine (13 days) and Byford (14 days).
Other suburbs to experience fast median leasing times were Como, Maylands, Nedlands, Duncraig and Queens Park.
Listings for rent
There were 2,319 properties for rent on reiwa.com at the end of February, which is similar to the end of January.
With borders opening this week we are likely to see increased competition for rentals from interstate and overseas arrivals who are competing with locals for accommodation, Mr Collins said.
This will exacerbate the rental shortage in the short term but is a necessary step towards increasing investment in the state, attracting skilled workers to help complete construction and bringing balance back to the market, Mr Collins said.
