Welcome to your July market analysis for Perth. This month’s data highlights a fascinating market dynamic: property prices are hitting new highs, yet the number of homes for sale has fallen to a 12-month low.

Active listings settled at just 3,382 at the end of July, a drop driven by a seasonal winter slowdown combined with a unique market challenge facing potential sellers. Let’s dive into the details.

The Seller’s Dilemma: Navigating a Hot Market

While winter typically sees fewer listings, this year’s decline is more pronounced. Many homeowners are hesitant to list, concerned about the challenge of securing their next property in such a competitive environment.

This creates a classic “chicken-or-egg” scenario for those looking to move:

  • Buy First? This avoids the stress of finding a new home after you’ve sold, but it can come with financial hurdles like bridging loans or the need to make offers “subject to sale,” which can be less competitive.
  • Sell First? This puts you in a powerful cash-positive position to buy your next home, but it creates pressure to find a suitable property quickly, often in a market with very limited rental options.

Strategic Solutions for Today’s Sellers:

Navigating this market requires a smart strategy. Here are a few expert tips:

  • Embrace the Winter Market: Don’t wait for Spring! With fewer competing properties, your home will command more attention from serious buyers, often leading to excellent sales outcomes.
  • Negotiate a Longer Settlement: When selling, you can request a longer settlement period (e.g., 90-120 days) in the contract. This gives you a valuable buffer to find and purchase your next home without pressure.
  • Consider Subject-to-Sale Offers: These buyers are often willing to offer a higher price to secure a property. In today’s fast-moving market, their own home is likely to sell quickly, making them a very viable option.

Sales Market: Prices Continue Their Upward Trend

The growing imbalance between strong buyer demand and low supply continues to fuel price growth across Perth.

  • Median House Price: Reached $797,000 in July, a monthly increase of 1.4% and up a significant 15.5% over the past year.
  • Median Unit Price: Climbed to $550,000, rising 1.9% for the month and an impressive 19.6% annually.

Demand remains strong across all price points, with members reporting a noticeable return of east coast investors.

Top Suburbs for Price Growth in July:

  • East Victoria Park: up 4% to $1,050,000
  • Dawesville: up 3.2% to $765,000
  • Maylands: up 2.6% to $1,000,000
  • Doubleview: up 2.5% to $1,230,000
  • Woodvale: up 2.1% to $1,085,000

Time on Market: Properties Selling in Record Time

Well-presented homes are moving incredibly fast. The median time to sell a property in July was just 12 days, one day faster than in June.

Fastest Selling Suburbs (Houses):

  • Lakelands: 4 days
  • Wandi: 6 days
  • Atwell, Brabham, Kenwick, Kingsley, Landsdale, Langford, Queens Park & Wanneroo: 7 days

Rental Market Snapshot

Perth’s median rent price held stable in July at $680 per week. While still tight, with rental listings down 5.7% compared to last year, there is a key trend to note: the rate of rent price growth is slowing considerably. After several years of steep increases, the market is beginning to moderate, offering a glimmer of relief for tenants.

  • Median House Rent: $685/week (up 5.4% annually)
  • Median Unit Rent: $650/week (up 6.6% annually)
  • Median Time to Lease: 17 days

Our Final Word

The Perth market is complex but full of opportunity. For sellers, demand is at a peak. For buyers, preparation is everything. For investors, the returns remain solid.

If you’re considering your next move and want to create a strategy that puts you in the strongest possible position, our team is here to help. Contact us today for tailored advice on how to successfully buy and sell in the current market.