Selling times in Perth are stretching out as more properties hit the market.

REIWA CEO Cath Hart explained that the rise in median days on market reflects an increase in the number of properties listed for sale.

“New listings are at their highest level in three years, giving buyers more options than they’ve had for some time,” she said.

“Buyers are taking a little more time to make decisions, which has slightly lengthened the selling process. However, Perth is still very much a seller’s market.

“Homes in Perth are now selling in about two weeks, which is incredibly fast compared to pre-COVID times when the median was over 40 days.

“Demand remains strong, with good attendance at home opens, multiple offers still common, and prices continuing to rise. However, after a year of strong price growth, affordability is becoming an issue, and buyers are more price-conscious.”

The increase in listings and longer selling times has also pushed up the number of active listings.

“The number of properties for sale in Perth on reiwa.com reached 5,576 at the end of November. This is 10.9 percent higher than October and 17 percent higher than the same time last year,” Ms. Hart said.

Perth sales prices:

Perth’s property prices continued to climb in November.

The median house sale price increased by 1.7% to $727,500, which is 22.3% higher than in November 2023.

Similarly, the median unit sale price rose by 2.1% to $485,000, marking an 18.3% year-on-year increase.

The Perth suburbs with the most significant growth in median house sale prices in November were:

• Shoalwater: Up 3.1% to $773,500.
• Currambine: Up 3.1% to $872,000.
• Carramar: Up 2.7% to $841,000.
• Warnbro: Up 2.5% to $615,000.
• Duncraig: Up 2.5% to $1,153,000.

Other suburbs, including Innaloo, High Wycombe, Balcatta, Balga, and Coolbellup, also showed strong growth, recording increases of 2.1% or more during the month.

Time on market:

In November, the median time to sell a house in Perth was 13 days, one day slower than October and four days slower than November 2023.

Units also sold in a median of 13 days, one day slower than last month but unchanged compared to a year ago.

According to data from reiwa.com:

The fastest-selling suburbs for houses in November were Alkimos, Beeliar, Maylands, Orelia, and Palmyra, with properties selling in just six days.

Other quick-selling suburbs included Waikiki, Melville, Mount Lawley, Mount Pleasant, and Riverton, where houses sold in a median of seven days.

Perth rental market:

Perth’s median dwelling rent stayed stable at $650 per week in November, which is 8.3 per cent higher than this time last year.

The median weekly rent for houses increased to $670, a 3.1 per cent rise month-on-month and 9.8 per cent higher than November 2023.

The median unit rent dropped to $620 per week, 1.6 per cent lower than October but still 12.7 per cent higher than a year ago.

Ms. Hart noted that the median house rent had been consistent for most of the year, with November’s rise reflecting seasonal leasing activity.

“November tends to be one of the busiest months of the year for leasing activity as we head into Christmas, so this can lead to more competition for available properties, which can then see an increase in rent prices,” she said.
“The increased demand is reflected in the slight fall in the median time to rent.”

Suburbs with the most growth in dwelling rent prices:

According to reiwa.com, the Perth suburbs that saw the highest growth in median weekly dwelling rents in November were:

• Tuart Hill (up 8.3% to $650)
• Nedlands (up 7.4% to $800)
• Brabham (up 7.1% to $750)
• West Perth (up 5.1% to $725)
• South Perth (up 4.9% to $750)

Listings for rent:

At the end of November, there were 2,226 properties available for rent on www.reiwa.com, marking a 13.9 per cent increase compared to October and a 15.8 per cent rise compared to the same time last year.

Median leasing times:

Homes leased in a median of 15 days during November, which was one day faster than October but one day slower than the same month last year. Data from www.reiwa.com showed that the suburbs with the fastest median leasing times were Hamilton Hill (eight days), Balga (nine days), and Claremont, East Perth, Maddington, Maylands, and Tuart Hill (11 days). Alkimos, Fremantle, and Mosman Park recorded median leasing times of 12 days.

*Active listings refer to the number of properties advertised on www.reiwa.com at any given time, while new listings indicate new properties listed for sale.