The Perth property market remains strong, but November data reveals some interesting shifts that suggest a gradual easing from the rapid pace we’ve seen for much of 2024.

Key Takeaways:

• Sales Time Increases: The median time to sell a house in Perth rose to 13 days in November, up from the lightning-fast 9 days we’ve become accustomed to. This is still incredibly quick compared to pre-COVID times, but indicates a slight cooling.
• More Choice for Buyers: New listings are at a three-year high, giving buyers more options and potentially contributing to the longer selling times.
• Prices Continue to Climb: Despite the easing in sales speed, Perth property prices continue to rise. The median house sale price reached $727,500, a 1.7% increase for the month and a significant 22.3% jump compared to November 2023.
• Rental Market Remains Tight: Perth’s median rent held steady at $650 per week, with house rents showing a slight increase. Rental listings are up compared to last year, but demand remains high.

What’s Driving the Change?

REIWA CEO Cath Hart attributes the longer selling times to the increase in listings. With more choice available, buyers are taking a bit more time to make decisions. However, she emphasizes that Perth is still firmly a seller’s market, with strong demand, good attendance at home opens, and multiple offers remaining the norm.

Affordability a Growing Concern:

While prices continue to rise, affordability is becoming a concern for some buyers. This could be contributing to the slight slowdown in sales as buyers become more price-conscious.

Suburb Spotlight:

Shoalwater, Currambine, and Carramar led the way in house price growth in November, while Alkimos, Beeliar, and Maylands were among the fastest-selling suburbs. In the rental market, Tuart Hill, Nedlands, and Brabham saw the most significant rent increases.

What This Means for You:

• Sellers: While the market remains strong, it’s important to price your property competitively and present it well to attract buyers in this increasingly competitive environment.
• Buyers: More choice and slightly longer selling times could give you more negotiating power, but be prepared to act decisively when you find the right property.
• Investors: Rental demand remains high, making Perth an attractive option for investors. However, it’s important to factor in potential changes to the market and choose your investment property carefully.

Stay Informed:

As the Perth market continues to evolve, staying informed is crucial. We encourage you to contact our team for expert advice and personalized service to help you navigate these changing dynamics.