The Perth property market is buzzing as we head into the heart of Spring! Here’s a quick rundown of what’s happening:

Active listings are on the rise! Compared to the previous months, sellers are jumping in with new listings. While active listings are still lower than last year (19%), it’s a significant improvement from the earlier downward trend. This suggests that more sellers are feeling confident about entering the market.

Prices continue to climb! Both median house and unit prices saw healthy increases in September. The median house price reached a new high of $700,000 (up 1.7% monthly, 21.5% annually), and units followed suit with a median of $465,000 (up 2.2% monthly, 16.3% annually).

Here are some of the suburbs experiencing the most significant growth:

• Houses: Coodanup, Bassendean, Duncraig, Dudley Park, and Kelmscott
• Overall: Mount Pleasant, Forrestfield, High Wycombe, Applecross, and Maylands

Quick sales! Houses and units continue to fly off the shelves, selling in a median of 10 days. While slightly slower than August, it’s still incredibly fast-paced. This indicates strong demand from buyers and highlights the competitive nature of the market.

Rental market update: Perth’s rental market remains stable with median rents holding steady. However, there’s an interesting trend: some properties are coming back to market at lower prices as leases end. This could be because the initial tenant offered above asking price, and the new rent reflects the current market value.

Looking for a rental? While listings are up year-on-year, overall availability has decreased slightly compared to August. The good news? New listings are almost keeping pace with new leases, indicating a moderating market. Suburbs with the fastest leasing times include Morley, Joondalup, Nollamara, Spearwood, and Wembley.

Overall, it’s a hot Spring for the Perth property market! Strong demand is pushing prices up, while the rental market shows signs of stabilization.