Welcome to your April 2025 market update from Holdsworth Real Estate. This month, Perth’s property market continued its upward trajectory in prices, though a closer look reveals a nuanced landscape with varying conditions across the metropolitan area. Whether you’re buying, selling, or renting, understanding these shifts is key.

Sales Market: Prices Up, But Suburb Variations Emerge

Perth’s median house price saw a healthy 1.1% increase in April, reaching $775,000. This marks a significant 19.2% rise compared to the same time last year (April 2024). The unit market also performed strongly, with the median price climbing 1.7% over the month to $525,000, an impressive 20.7% higher than a year ago.

REIWA President Suzanne Brown highlighted that while the overall Perth region is experiencing price growth, the situation isn’t uniform. “While the majority of Perth suburbs continue to record increases in their median house sale price, some have shown stability over the past few months and a few are starting to record slight declines,” Ms Brown noted. She added that these changes might reflect more sales occurring in lower price brackets within those suburbs.

This underscores the importance of local expertise. As Ms Brown advises, “When selling, it is important to speak to your local REIWA agent about current market conditions so that you have realistic expectations for your property.” Holdsworth Real Estate echoes this sentiment – understanding your specific micro-market is crucial.

We are hearing occasional reports of properties selling below the asking price. This can depend on factors like location, property presentation, initial pricing strategy, and local competition levels.

Suburbs Leading the Price Growth Charge in April:

• Applecross: Up 3.8% to a median of $2,700,000
• Duncraig: Up 2.5% to a median of $1,240,000
• Hillarys: Up 2.3% to a median of $1,450,000
• Padbury: Up 2.2% to a median of $984,500
• Dianella: Up 1.7% to a median of $936,000

Other strong performers with growth of 1.5% or more included Rockingham, Quinns Rocks, Falcon, Woodvale, and Girrawheen.

Listings and Time on Market:

At the end of April 2025, listings for sale settled at 4,751. This figure is 3.8% lower than March 2025, a dip likely influenced by the school holidays and multiple public holidays during the month. However, it’s important to note that current listing levels are 37.9% higher than a year ago, offering more choice to buyers.

“Our members report many home owners were planning to wait until the end of the holiday period before putting their home on the market so we expect new listings to increase over the next few weeks,” Ms Brown commented. Sales activity was also lower, reflecting the holiday period.

The median time for houses to sell in Perth was 14 days in April, just one day slower than March but five days slower than April 2024. Units also took a median of 14 days to sell, one day slower than the previous month and three days slower than the same time last year.

Fastest Selling Suburbs for Houses in April:

• Queens Park: 5 days
• Hamilton Hill: 6 days
• Pinjarra, Beeliar, Kelmscott, Kingsley, Yangebup, Yokine: 7 days
• Banksia Grove, High Wycombe: 8 days

Perth’s Rental Market: Rents See Slight Dip, Variations Key

In the rental sector, Perth’s median dwelling rent saw a slight decline of 1.5% in April to $670 per week. Despite this monthly dip, rents are still 3.1% higher than in April 2024.

• The median weekly house rent decreased by 1.4% to $680, which is 4.6% higher than a year ago.
• The median rent for units remained stable at $650 per week, a significant 8.3% increase compared to April 2024.

Ms Brown anticipates some fluctuations in the Perth median rent price in the coming months. “However, results will differ from suburb to suburb,” she explained. “In suburbs where demand is high, median rent prices are likely to continue to increase. Median rent prices may decline in areas that are less popular or where there is an excess of supply. In these suburbs tenants may have more negotiating power than they have had in the past few years.”

Even within the same suburb, rental outcomes can vary. “One home may see a rent price increase, while another one nearby may need to have its asking price reduced in order to secure a tenant,” Ms Brown added. This makes expert advice crucial for investors. “When leasing a property, it is essential investors speak to their REIWA property manager about the conditions in their local area, including tenant demand and rent price movement.”

Suburbs with Strongest Rental Growth in April (Median Weekly Dwelling Rent):

• Bassendean: Up 7.7% to $700
• Greenfields: Up 3.6% to $570
• Brabham: Up 3.1% to $750
• East Perth: Up 2.7% to $750
• Como: Up 2.2% to $700

Rental Listings and Leasing Times:

There were 2,281 properties available for rent at the end of April. This is an 8.4% increase compared to March and 5.4% higher than 12 months ago, offering slightly more options for tenants.

Homes leased in a median of 15 days in April, consistent with March and one day faster than a year ago.

Fastest Leasing Suburbs in April:

• Morley: 8 days
• Clarkson, Falcon, North Perth: 9 days
• Carlisle: 10 days
• Piara Waters: 11 days
• Beckenham, Claremont, Wembley: 12 days
• Fremantle: 13 days

Navigating the Perth Market with Holdsworth Real Estate

The April data paints a picture of a market that, while still strong in terms of year-on-year price growth, is showing more varied and localised conditions. Whether you are selling and need to understand your suburb’s specific dynamics, buying and looking for the right opportunity, or an investor navigating the rental landscape, expert advice is invaluable.

The team at Holdsworth Real Estate is dedicated to providing you with the latest insights and tailored strategies. Contact us today for a confidential discussion about your property goals in this evolving Perth market.