Perth’s red-hot housing market shows no signs of cooling down. Median house prices climbed another 1.9% in August, reaching a record high of $688,000. This translates to a staggering 20.7% increase over the past year!

Units Join the Party: Unit prices are celebrating too, setting a new record of $455,000, a 1.1% rise from July and a 13.8% jump year-on-year.

REIWA CEO Cath Hart anticipates this trend to continue for a while, fueled by strong buyer demand and limited supply.

Fast Sales, Multiple Offers: The market is moving at breakneck speed. Houses and units are selling in a median of just nine days, a testament to the intense competition. Some properties are attracting multiple offers, often exceeding the asking price by a significant margin.

Suburban Standouts: Several suburbs are experiencing remarkable price growth. Willetton topped the charts with a 5.6% increase, followed by Westminster (4.2%), Mindarie (4.0%), Thornlie (3.1%), and Armadale (2.7%).

Rental Market Stabilizes: Perth’s rental market is showing signs of stabilization. While median rents remain high compared to last year ($650 for houses and dwellings, $600 for units), they haven’t budged in the past six months.

Landlords, Take Note: Ms. Hart suggests property owners discuss current market conditions with their property managers when reviewing rental rates. While vacancy rates are still low, the fierce competition seen previously has subsided.

Leasing Times Lengthen: The median leasing time for houses has increased slightly to 19 days. This could be due to various factors, including applicants pulling out after acceptance or the overall price bracket of the property.

Looking for a Quick Lease? Head to Nollamara, Tuart Hill, Como, Duncraig, Gosnells, Innaloo, Mount Lawley, Balga, Cannington, or Clarkson. These suburbs boast the fastest median leasing times, ranging from 11 to 14 days.