October saw a surge in new property listings in Perth, reaching the highest level in over three years. More than 5,500 new properties were listed, a record since March 2021, with nearly 4,000 houses coming onto the market. This increase in listings is great news for buyers, providing more options, although Perth’s market remains competitive.
Perth’s median house price reached $715,000 in October, up 2.1% from September and 22.2% higher than a year ago. Unit prices also rose to a median of $475,000, marking a 17.3% year-on-year increase. Suburbs like Craigie, Applecross, Pinjarra, and Riverton saw notable growth in sale prices.
In October, houses took a median of 11 days to sell, while units sold in 12 days. Fastest-selling areas included Secret Harbour, Bassendean, Camillo, and Orelia
Rental prices for houses and units held steady, with houses at $650 per week and units at $630. Demand for affordable units is high, driving up rents. Popular suburbs with rising rent prices included West Perth, Rivervale, Perth, and Scarborough.
At the end of October, rental listings were down slightly from September but 12.7% higher than last year, with homes typically leasing within 16 days. Fast-leasing areas included Innaloo, Two Rocks, and Alkimos.
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