Perth’s property market had significant growth in 2024, with median sale prices for houses and units at record highs at the end of the year.
REIWA CEO Cath Hart said 2024 saw the Perth market record some of the highest growth rates since the 2006-07 boom.
“The median house sale price experienced the strongest annual growth since 2007, peaking at 24.8 per cent in October,” she said.
“It set a new record month after month in 2024, reaching $745,000 at the end of the year. This was 24.2 per cent higher than December 2023 and 36.7 per cent higher than the previous record of $545,000 set in 2014.
“After slow growth in the past few years, median unit sale price growth accelerated in 2024. It matched the 2014 record of $450,000 in July and rose to $500,000 by the end of 2024. This was 21.7 per cent higher year-on-year and 11.1 per cent higher than the 2014 record.”
The top performers for house price growth in 2024 were found across a range of price brackets.
“In 2023 eight of the top performers for house price growth were below the Perth median, last year it was five. This reflects the strong demand across all sectors of the market,” Ms Hart said.
“It also highlights the overall resilience of our market, which has been supported by population growth, a strong economy and low unemployment.
Marmion recorded the most growth for houses, with its median house sale price increasing 55.3 per cent to $2,170,000.
Gosnells was the top performing suburb in the unit market, with its median sale price rising 52.6 per cent to $435,000.
Seven of the Top 10 suburbs for unit sale price growth had a median sale price below the Perth median of $500,000.
Properties continued to sell quickly during 2024.
“Houses sold in a median of nine days for most of the year. This increased towards the end of the year as more listings came to market in October and November,” Ms Hart said.
“The median sale time for units decreased in the first half of the year, eventually matching the selling time for houses in July. It has mirrored houses since then. This reflects the growth in demand for units in 2024.”
Brookdale was the fastest selling suburb for houses, with properties selling in a median of six days.
The fastest selling suburb for units was Inglewood, where properties sold in a median of five days.
Top 10 suburbs for median price growth (houses)
Source: REIWA. Filtered for houses <1HA with 28 or more sales in 2023 and 2024.
Top 10 suburbs for median price growth (units)
Source: REIWA. Filtered for units with 28 or more sales in 2023 and 2024.
Fastest selling suburbs (houses)
Source: REIWA. Filtered for houses <1HA with 15 or more REIWA member sales.
Fastest selling suburbs (units)
Source: REIWA. Filtered for units with 15 or more REIWA member sales.
Perth rental market
While the rental market eased in 2024, rent prices still reached new highs.“The median dwelling rent hit a new high of $650 per week in April but remained stable for the remainder of the year. It was 8.3 per cent higher than at the end of 2023,” Ms Hart said.“The median weekly house rent was at a record $670 at the end of 2024, 8.1 per cent higher year-on-year.”“The median weekly unit rent price rose 14.0 per cent over 2024 to $650, also a new record.”Ms Hart said the strong growth in property prices and lower annual growth in rent prices saw yields decline over 2024, with units outperforming houses.“In 2023, all the top 10 suburbs for houses recorded yields over 6.0 per cent, whereas in 2024 the highest yield was 5.8 per cent,” she said.“A year ago, the top performing suburb for units had a yield of 9.0 per cent, in 2024 the highest yield was 7.6 per cent.“That said, the top 10 suburbs for houses and units for rental yields still offer strong yields, with yields between 5 – 8 per cent generally considered to be very good returns.”Cannington topped the list for houses, with a yield of 5.8 per cent, based on its median house sale price of $585,500 and a median weekly rent price of $650.Spearwood was the top performing suburb for units, with a yield of 7.6 per cent. This was based on a median unit sale price of $395,000 and a median weekly rent price of $580.When it came to rent price growth, houses outpaced units in 2024.Kenwick recorded the largest increase in median weekly house rent, rising 27.8 per cent over the year to $620.In the unit market, Westminster was the top performing suburb, with its median rent up 20.0 per cent year-on-year to $600 per week.“Properties continued to rent quickly in 2024, with the median time to lease a property hovering around two weeks for most of the year,” Ms Hart said.“Coogee was the fastest leasing suburb for houses, with houses leasing in a median of 10 days.“Westminster was the fastest leasing suburb for units, with vacancies also filled in a median of 10 days.”
Top 10 suburbs for rental yield (houses)
Source: REIWA. Filtered for houses with 28 or more sales and REIWA member leases.
Top 10 suburbs for rental yield (units)
Source: REIWA. Filtered for units with 28 or more sales and REIWA member leases.
Top 10 suburbs for rent price growth (houses)
Source: REIWA. Filtered for houses with 28 or more leases in 2023 and 2024.
Top 10 suburbs for rent price growth (units)
Source: REIWA. Filtered for units with 28 or more leases in 2023 and 2024.
Fastest leasing suburbs (houses)
Source: REIWA. Filtered for houses with 28 or more REIWA member leases.
Fastest leasing suburbs (units)
Source: REIWA. Filtered for units with 28 or more REIWA member leases.
