This article is from the Australian Property Journal archive
PERTH’S housing market continues to record unfettered growth with the median house sale price rose 20% over the last 12 months, hitting $688,000, while units reached a new record.
According to REIWA, Perth’s median house sale price was up 1.9% over August for 20.7% over the last year.
At the same time, the median unit sale price reached a new record at $455,000 after climbing by 1.1% over the month and 13.8% over the year.
“At the moment there is clearly the appetite for, and ability to, buy property and it will take a significant change in demand or supply to ease the pressure in the established homes market,” said Cath Hart, CEO at REIWA.
“Members are still reporting strong numbers at home opens and they continue to receive multiple offers over the asking price, with some offers well above it.”
The top suburbs for house price growth in the capital over August were Willetton, which was up 5.6% to $1,125,000, Westminster was up 4.2% to $565,000, Mindarie up 4.0% to $1,050,000, Thornlie up 3.1% to $630,000 and Armadale up 2.7% to $488,000.
While both houses and units spent the same median nine days on the market over the month, they were up a day from this time last year.
With active listings at 3,499 at the end of the month, up 9.4% on July but 32.5% below this time last year.
The rental market saw the median weekly dwelling rent remain steady at $650 in August, while still up 12.1% on this time last year.
The median weekly house rent was stable over the month but up 8.3% over the year, with the weekly unit rent down 3.2% over the month and up 9.1% for the year.
“We’re seeing the annual growth rate for rent prices slow, dropping back from around 20 per cent earlier this year to single digit growth for units and houses. This is a period of change and I encourage investment property owners to discuss the conditions in their local market with their property manager when it comes time to review rents,” added Hart.
“The rental market is still very tight but the frenzied conditions of the past few years have eased. While there is often still strong interest at home opens, property managers are receiving fewer applications.”
