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 CEO 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.
“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.
“Demand remains strong. Our members are reporting good attendance at home opens, they are still receiving multiple offers in most cases and prices are still rising.
“However, strong price growth over the past year means affordability is a growing issue and buyers are becoming more price conscious.”
The increase in new listings and slightly longer time to sell also saw active listings* rise.
“The number of properties for sale in Perth on www.reiwa.com was 5,576 at the end of November. This was 10.9 per cent higher than October and 17 per cent higher than a year ago,” Ms Hart said.
Perth sales prices
Perth’s property prices continued to rise in November.
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.
Time on market
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.
According to www.reiwa.com data, 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).
Perth rental market
Perth’s median dwelling rent remained stable at $650 per week. This was 8.3 per cent higher than the same time last year.
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.
Ms 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.”
According to www.reiwa.com, the Perth suburbs that saw the most growth in their median weekly dwelling rent price in November were Tuart Hill (up 8.3 per cent to $650), Nedlands (up 7.4 per cent to $800), Brabham (up 7.1 per cent to $750), West Perth (up 5.1 per cent to $725) and South Perth (up 4.9 per cent to $750).
Listings for rent
There were 2,226 properties available for rent on www.reiwa.com at the end of November. This was a 13.9 per cent increase on October and 15.8 per cent higher than the same time last year.
Median leasing times
Homes leased in a median of 15 days during November, one day faster than October but one day slower than 12 months ago.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Hamilton Hill (eight days); Balga (nine days); Claremont, East Perth, Maddington, Maylands and Tuart Hill (11 days); and Alkimos, Fremantle and Mosman Park (12 days).
*Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
