As we step into Spring, we’re looking back at an August that has set the scene for a dynamic Perth property market. The headline story is unmistakable: the number of properties for sale has plummeted to a new record low, creating intense competition among buyers and continuing to drive prices upward.

Here’s our breakdown of the key trends from August and what they mean for you.

The Big Story: Listings Hit Rock Bottom

The most significant factor shaping our market right now is the critical shortage of properties for sale. At the end of August, active listings on reiwa.com fell to an all-time low of just 2,981.

To put that in perspective:

  • That’s a 10.4% drop from July.
  • It’s a huge 18.3% lower than this time last year.

This unprecedented squeeze is the result of a quieter-than-usual Winter for new listings, combined with persistent and strong buyer demand. Many potential sellers, who are also looking to buy, have been hesitant to list their homes in such a competitive environment. We are even seeing some sellers list with the condition that the sale is subject to them finding a new home first.

Good news is on the horizon! Our agents are reporting a build-up of activity, with many homeowners preparing to launch their properties this Spring. We anticipate a much-needed boost in new listings over the coming warmer months.

Prices Continue to Climb

The intense imbalance between supply and demand has had a clear impact on prices, which continued their steady ascent in August.

  • Perth’s Median House Price: Climbed to $800,000, a 14.3% increase compared to August 2024.
  • Perth’s Median Unit Price: Reached $552,500, an even more impressive 17.8% jump from a year ago.

Top Suburbs for House Price Growth in August:

  • Palmyra: Up 2.8% to $1,100,000
  • Stirling: Up 1.9% to $1,350,000
  • Applecross: Up 1.3% to $2,765,000
  • Jindalee: Up 1.3% to $886,000
  • Aveley: Up 1.2% to $759,000

Blink and You’ll Miss It: Homes Selling at Lightning Speed

With so few homes available, buyers are acting with incredible speed. That sense of “Fear of Missing Out” (FOMO) has returned, pushing the median time on market back to the rapid pace we saw this time last year.

  • Houses: Sold in a median of just 10 days.
  • Units: Were even faster, selling in a median of 9 days.

Perth’s Fastest Selling Suburbs in August:

  • 4 Days: Brabham
  • 5 Days: Treeby, Mirrabooka, Hammond Park, Alkimos
  • 6 Days: Quinns Rocks, Parmelia, Melville, Butler

A Look at the Rental Market

Perth’s rental market remains tight, with a notable increase in house rents during August.

  • The median house rent rose 2.2% to $700 per week – that’s 7.7% higher than a year ago.
  • The median unit rent held firm at $650 per week.
  • Rental stock remains very low at just 2,261 available properties, and homes leased in a swift median of 16 days.

What This Means for You

  • For Sellers: The market conditions are exceptional. With record-low competition and sky-high buyer demand, you are in the strongest possible position to achieve a fantastic result. Listing now, ahead of the anticipated Spring rush, could be a very strategic move.
  • For Buyers: The market is challenging, and preparation is everything. Have your finances pre-approved and be ready to move quickly. Aligning with an experienced agent who has insight into upcoming and off-market properties can give you a crucial competitive edge.
  • For Landlords: The outlook for your investment remains excellent. Strong demand, rising rents for houses, and quick leasing times underscore the strength of the Perth rental market.

In a market this fast-paced and complex, expert advice is more valuable than ever. Whether you’re planning your next move or looking to maximise your investment, our team is ready to help. Contact us today for a confidential chat about your property goals.