Perth’s median house sale price reaches $740,000 title image

median house sale price

Perth’s median house sale price reaches $740,000

In December, Perth’s median house sale price rose to $740,000, marking a 1.7% increase from November and a 23.3% jump compared to December 2023.

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The median unit sale price also climbed, increasing 2.1% over the month and 20.0% year-on-year, reaching $495,000.

REIWA CEO Cath Hart noted that while discussions on the east coast revolved around declining prices and a buyers’ market, Perth’s market continued to favour sellers with ongoing price growth.

“Although price growth has slowed slightly in recent months, the underlying fundamentals remain robust,” she said.
“This includes 2.8% population growth in WA for the year to June 2024, low unemployment, and a strong economy.

“Demand for established housing remains high, with properties continuing to sell quickly.”

The Perth suburbs with the highest median house sale price growth in December were:

  • Applecross: up 4.2% to $2,500,000
  • Parkwood: up 4% to $790,000
  • City Beach: up 3.4% to $3,000,000
  • Fremantle: up 3% to $1,295,000
  • Westminster: up 3% to $623,000

Other strong performers included South Perth, Medina, Shoalwater, Hamersley, and Coolbellup, with growth of 1.9% or more.

Time on Market

  • Houses: Sold in a median of 15 days, two days slower than November and five days slower than December 2023.
  • Units: Sold in a median of 15 days, two days slower than the previous month and one day slower than a year ago.

Ms Hart noted that the change was due to the usual December slowdown in market activity, combined with the rise in new listings over recent months.

Ms. Hart explained that December typically sees a slower pace for property sales, with activity winding down as people focus on end-of-year festivities and public holidays reduce market momentum.

“This year, our members are also observing that the rise in new listings leading up to December has eased the FOMO experienced earlier in 2024,” she said. “Buyers now have more options, allowing them to take a bit longer to make their purchasing decisions.

“That said, properties are still selling quickly. Before COVID, the median time to sell was over 40 days.”

Data from reiwa.com reveals that the fastest-selling suburbs for houses in December included:

  • Carlisle: 6 days
  • Beeliar and Cooloongup: 7 days
  • Nollamara and Palmyra: 8 days
  • Spearwood, Golden Bay, Joondalup, and Maddington: 9 days
  • Kinross: 10 days

These suburbs demonstrated strong buyer demand and quick turnover during the month.

Listings for sale:

Active listings for sale at the end of December totaled 4,395, which represents a 22.6% decrease from November but is 20.5% higher than the same time last year.

“Active listings normally decline over the festive season, so the month-on-month decrease is not surprising,” Ms. Hart said. “It is good to see that active listings are significantly higher than 12 months ago, which is positive news for buyers.”

Perth rental market:

Perth’s median dwelling rent held steady at $650 per week in December, which is 8.3% higher than the same time last year. The median weekly rent for houses also remained unchanged at $670, marking an 8.1% increase compared to December 2023. Meanwhile, the median rent for units rose to $650 per week, reflecting a 4.8% increase from November and a 14.0% rise year-on-year.

Ms. Hart noted that although rental prices have seen stability in 2024, fluctuations in the market are anticipated. “There is still strong demand for rental homes, particularly those that are more affordable or in popular locations, such as close to the city,” she said. “This is putting some upward pressure on prices.”

According to www.reiwa.com, the suburbs that experienced the most significant growth in their median weekly dwelling rent prices in December included South Perth (up 10.4% to $773), Maylands (up 9.5% to $548), Nedlands (up 6.3% to $850), Mount Lawley (up 5% to $630), and Hamilton Hill (up 4.8% to $650).

Listings for rent 

There were 1,785 properties available for rent on www.reiwa.com at the end of December, which is 18.9% lower than November but 17.6% higher than the same time in 2023.

Median leasing time

Median leasing times for homes remained steady at 15 days during December, unchanged from both November and a year ago.

Data from www.reiwa.com revealed that the suburbs with the fastest median leasing times included Clarkson and Subiaco (nine days); Bayswater and Wembley (10 days); Claremont, Cottesloe, and Joondanna (11 days); and Joondalup, Mosman Park, and Balga (12 days).