Perth median house price
Perth median house price growth outpaced the nation in June 2024 quarter.
Perth recorded the highest percentage increase in median sale price for three-bedroom houses of all capital cities in the June 2024 quarter.
Despite the increase, Perth remained one of the most affordable capitals based on median house price, according to the latest REIA Real Estate Market Facts.
The median sale price for three-bedroom houses rose 6.5 per cent over the quarter to $735,000. The next best performing capital was Adelaide with 3.6 per cent growth.
The median sale price for two-bedroom other dwellings (including home units, townhouses, flats/apartments, and terrace homes) increased 5.4 per cent to $485,000. Hobart and Adelaide recorded more growth at 9.0 and 7.8 per cent respectively.
Over the year, the median sale price for three-bedroom houses recorded a gain of 26.7 per cent, while two-bedroom other dwellings rose 21.3 per cent.
REIWA CEO Cath Hart said strong population growth and limited new housing supply were driving demand for established homes, putting upward pressure on prices.
“WA’s population grew 3.3 per cent in the year to December 2023 and there were 79,000 net arrivals to the state through interstate and overseas migration,” she said.
“If you assume there are 2.5 people per household, that equates to about 31,600 new households needing accommodation.
“In the year to December there were about 16,800 private dwelling completions, which is a shortfall of about 15,000 homes when compared to population growth.
“Unless there is significant change in population growth or new building completions, we can expect more price growth over the remainder of the year.”
Ms Hart said despite the strong increase over the three months to June, Perth continued to have one of the lowest median house sale prices in the nation, with only Hobart ($735,000) and Darwin ($567,000) equal to, or lower.
“While prices have risen, the latest REIA Housing Affordability Report showed WA retained its position as the most affordable state for home owners, requiring 39.5 per cent of family income to meet average monthly loan repayments, compared to 48.1 per cent nationally,” she said.
“This is one of the great benefits of Perth where our relatively low median house price, higher than average income, and lower than average mortgages mean home ownership here remains achievable.”
According to www.reiwa.com data, the number of sales rose 2.3 per cent quarter-on-quarter to 8,445, from 8,257 in the March quarter.
Ms Hart said figures showed there was still a very robust appetite for property in WA.
“Listings continue to come to the market in good numbers, but properties are being snapped up quickly, which highlights the strong demand for homes,” she said.
Median three-bedroom house sale prices: Perth and regional centres.
The median sale price for three-bedroom houses increased from the March quarter in all Perth areas: Perth Inner (up 1.7 per cent to $1,545,500), Perth Middle (up 5.6 per cent to $850,000) and Perth Outer (up 6.3 per cent to $691,000).
It was the same story across the regions, with prices rising in Bunbury (up 9.1 per cent to $589,000), Broome (up 1.5 per cent to $685,000) and Albany (up 5.1 per cent to $572,000).
Annually, the median sale price rose in all metropolitan areas: Perth Inner (up 21.7 per cent), Perth Middle (up 23.2 per cent) and Perth Outer (up 28.8 per cent).
Bunbury (up 30.9 per cent), Broome (up 7.2 per cent) and Albany (up 23 per cent) also recorded significant growth over the year.
Median two-bedroom other dwelling sale prices: Perth and regional centres.
Over the three months to June, the median sale price for two-bedroom other dwellings rose in Perth Inner (up 5.4 per cent to $550,000), Perth Middle (up 9.2 per cent to $500,000) and Perth Outer (up 2.4 per cent to $425,000).
In regional WA, the median sale price increased in Bunbury (up 23.8 per cent to $402,500), Broome (up 5.3 per cent to $420,000) and Albany (up 19.3 per cent to $340,000).
Over the past 12 months, the median sale price for two-bedroom other dwellings saw growth in Perth Inner (up 17 per cent), Perth Middle (up 25 per cent) and Perth Outer (up 25.4 per cent).
The regional centres also recorded increases in their median sale price for two-bedroom other dwellings over the year: Bunbury (up 15 per cent), Broome (up 7.7 per cent) and Albany (up 10.6 per cent).
Rental market:
Median weekly rent
In the June quarter, Perth’s median rent for three-bedroom houses increased by 3.3 per cent to $620 per week, reflecting a 12.7 per cent rise over the past year.
For two-bedroom other dwellings, the median rent remained steady at $600 per week quarter-on-quarter, representing a 20 per cent increase compared to the previous year.
Across the capital cities, the median rent for three-bedroom houses increased in all markets except Sydney, where it held firm at $700. Melbourne recorded the highest quarterly jump, climbing 3.8 per cent to $550 per week.
Ms Hart noted that the intense pressure in Perth’s rental market over the last couple of years has begun to subside.
“We’re witnessing a shift in demand, along with fresh supply entering the market,” she said.
“This is evident in recent reiwa.com data, which shows that rent prices have leveled off in recent months, rental listings are on the rise, and homes are taking slightly longer to lease.”
Median three-bedroom house rent prices: Perth and regional centres:
Results across the Perth metropolitan area were varied compared to the previous quarter. Perth Outer saw a 4 per cent increase, reaching $645 per week, while Perth Inner held steady at $800 per week, and Perth Middle experienced a slight decline of 0.7 per cent to $690 per week.
In regional Western Australia, the trend was similarly mixed: Broome saw a 4.3 per cent rise to $1,200 per week, Bunbury remained unchanged at $600 per week, and Albany recorded a 1 per cent decrease to $495 per week.
Over the past year, rent prices in all Perth sub-regions showed growth. Perth Inner rose by 8.1 per cent, Perth Middle by 15 per cent, and Perth Outer by 17.3 per cent.
This was mirrored in regional WA over the 12 months to June, with Bunbury up 11.1 per cent, Broome up 20 per cent, and Albany up 8.8 per cent.
Median two-bedroom other dwelling rent prices: Perth and regional centres.
Median rent prices for other dwellings increased compared to the March 2024 quarter across Perth. Perth Inner rose by 4 per cent, Perth Middle by 3.4 per cent, and Perth Outer saw a notable rise of 7.8 per cent.
In regional WA, southern centres also experienced growth during this period, with Bunbury rising 19.6 per cent to $550 per week and Albany up 12 per cent to $560 per week. In contrast, Broome in the north saw a 9.1 per cent drop, bringing the median rent to $750 per week.
Over the past year, all metropolitan areas recorded rent increases: Perth Inner climbed 18.2 per cent, Perth Middle rose 20 per cent, and Perth Outer was up 22.2 per cent.
Similarly, regional WA saw annual growth in rental prices. Bunbury was up 15.8 per cent, Broome surged by 42.9 per cent, and Albany increased 17.9 per cent.
Vacancy rate:
Perth remained the tightest rental market in the nation with a vacancy rate of 0.5 per cent at the end of the June quarter.
This was 0.1 per cent above the March 2024 quarter, but a 0.3 per cent decline from the June 2023 quarter.
Vacancy rates eased in all capital cities except Melbourne and Hobart, where rents remained stable.
Ms Hart said Perth remained only one of two capital cities with a vacancy rate below 1 per cent at the time of reporting.
“However, more recent REIWA data shows an increase in Perth’s vacancy rate, reflecting the changing conditions in the rental market,” she said.