Despite talk of cooling markets elsewhere in Australia, Perth’s real estate market continues to defy the trend, closing out 2024 with strong price growth and robust demand. This latest data underscores the unique conditions driving our local market and highlights the opportunities that still exist for both buyers and sellers.

Prices Continue to Rise

December saw Perth’s median house price climb to $740,000, a 1.7% increase from November and a remarkable 23.3% higher than December 2023. Units also saw growth, with the median sale price rising 2.1% over the month to $495,000, which is 20% higher than the same time last year.

REIWA CEO Cath Hart noted that while the rate of growth has moderated slightly, the fundamentals underpinning the Perth market remain exceptionally strong. These include:

• Strong Population Growth: WA recorded 2.8% population growth in the year to June 2024.
• Low Unemployment: A strong economy and job market continue to support housing demand.
• High Demand for Established Housing: Properties are still selling quickly, indicating strong buyer interest.

Top Performing Suburbs: Where Prices are Soaring

Several suburbs saw significant price growth in December:

• Applecross: Up 4.2% to $2,500,000
• Parkwood: Up 4% to $790,000
• City Beach: Up 3.4% to $3,000,000
• Fremantle: Up 3% to $1,295,000
• Westminster: Up 3% to $623,000

South Perth, Medina, Shoalwater, Hamersley, and Coolbellup also performed strongly, with growth of 1.9% or more.

Selling Times: Still Swift Despite Seasonal Slowdown

While the median time to sell a house in Perth increased slightly to 15 days in December (two days slower than November), this reflects the typical slowdown around the festive season. It is still quicker than the five days slower it was a year ago. Pre-COVID, the median selling time was over 40 days, highlighting just how fast-paced the current market remains. Units also sold in a median of 15 days.

REIWA members reported that the increase in new listings in the months leading up to December had reduced some of the “fear of missing out” (FOMO) seen earlier in the year. This has given buyers slightly more breathing room, but homes are still selling remarkably quickly.

Fastest Selling Suburbs:

• Carlisle: 6 days
• Beeliar & Cooloongup: 7 days
• Nollamara & Palmyra: 8 days
• Spearwood, Golden Bay, Joondalup & Maddington: 9 days
• Kinross: 10 days

Listings: A Positive Sign for Buyers

Active listings for sale settled at 4,395 at the end of December. While this is 22.6% lower than November (a typical seasonal decline), it’s a significant 20.5% higher than a year ago. This increase in listings is a welcome sign for buyers, offering more choice in the market.

Rental Market: Stable but with Upward Pressure

Perth’s median dwelling rent remained stable at $650 per week in December, while median house rent was unchanged at $670 per week. However, the median unit rent increased to $650, 4.8% higher than November. Year-on-year, these figures are all higher, up 8.3%, 8.1% and 14.0% respectively. Demand for rentals, particularly those near the city or in popular locations, remains strong, continuing to put upward pressure on prices.

Suburbs with the highest rental growth included:

• South Perth: Up 10.4% to $773 per week
• Maylands: Up 9.5% to $548 per week
• Nedlands: Up 6.3% to $850 per week
• Mount Lawley: Up 5% to $630 per week
• Hamilton Hill: Up 4.8% to $650 per week

Listings for rent saw a typical seasonal decrease, down 18.9% in December to 1,785 properties. However, this is still 17.6% higher than the same time in 2023. The median leasing time remained steady at 15 days.

What This Means for You:

• For Sellers: The Perth market remains favorable, with strong price growth and quick selling times.
• For Buyers: While competition is still high, the increase in listings offers more choices.
• For Investors: The rental market continues to perform well, with strong demand and upward pressure on prices.

Partner with the Perth Experts

Our team is dedicated to helping you navigate the dynamic Perth real estate market. Whether you’re buying, selling, or investing, we provide the insights and expertise you need to make informed decisions. Contact us today for a personalized consultation and let us help you achieve your real estate goals in 2025.