Perth Property Market Update – Homes Taking Longer to Sell, Listings Rise, and Prices Continue Steady Growth

Homes Are Taking a Bit Longer to Sell

The time it takes to sell a property in Perth has increased compared to earlier in the year.

In May, houses sold in a median of 14 days, while units sold in 13 days. This is slower than February, when houses were selling in nine days and units in just eight.

While this is a noticeable shift, selling times are still relatively quick in a historical context. The change mainly reflects increased choice for buyers and a more measured decision-making process.

More Properties Are Coming onto the Market

Listing levels have continued to rise through April and May, giving buyers more options than they had earlier in the year.

By the end of May, there were 5,137 properties available for sale. This represents:

• A 16% increase compared to April
• A 20.7% increase compared to last year

With more stock available, the market is gradually moving away from the very tight conditions seen previously.

Prices Are Still Moving Up, But at a Slower Pace

Even with more listings and longer selling times, prices continued to grow in May.

The median house price increased to $920,000, up 2.2% for the month and 16.5% higher than last year. Unit prices also rose to $660,000, showing strong annual growth of 22%.

While growth remains solid, the pace is expected to ease if current conditions continue.

Rental Market Continues to Stay Steady

Perth’s rental market remained stable in May after a period of strong growth.

House rents held at a median of $750 per week, while unit rents remained at $700 per week. Overall, the median rent sits at $730 per week.

Year-on-year figures still show growth, indicating that demand continues to support the rental market.

Rental Supply Has Improved Slightly

There were 2,307 rental properties available at the end of May. This is slightly higher than April but a little lower than a year ago.

Despite small fluctuations, supply levels remain relatively tight compared to long-term averages.

Properties Are Still Leasing Quickly

Homes continued to lease in a median of 15 days during May, unchanged from April and still faster than the same time last year.

This shows that tenant demand remains steady, even as supply gradually improves.

What This Means for the Market

Overall, Perth’s property market is moving into a more balanced phase.

Key takeaways include:

• Homes are taking slightly longer to sell than earlier in the year
• More listings are giving buyers and renters better choice
• Prices are still growing, but the pace is expected to slow
• Rental demand remains stable with consistent leasing activity

While conditions are not as fast-paced as earlier in the year, the market remains healthy and active. The shift reflects a gradual move towards more balanced conditions rather than a downturn.