The Perth housing market continued to be a seller’s market in June 2024, with strong buyer demand driving fast sales and rising prices. Houses are now selling in a median of eight days, which is three days faster than they were selling a year ago. Units are also experiencing a quick turnaround, selling in a median of eleven days. This is nine days faster than what we saw in June 2023.

Perth house prices reached a record high in June, with the median sale price reaching $660,000. This represents a 1.5% increase from May 2024 and a significant 17.9% increase compared to June 2023. Unit prices have also risen, with the median reaching $440,500. This is a 1.3% increase from May 2024 and a 10% increase year-over-year.

Experts predict that as Perth property prices continue to climb, more suburbs will join the million-dollar club. Suburbs like Yokine, Coolbinia, Menora, and Serpentine-Jarrahdale are all expected to see their average house prices reach the seven-figure mark.

If you’re considering buying a home in the Perth market, it’s important to be prepared for a competitive environment. Getting pre-approved for a mortgage can strengthen your offer and help you move quickly when you find the right property. Be patient and persistent in your search, and consider working with a real estate agent who can provide valuable insights and guidance throughout the buying process.

The Perth housing market is expected to remain competitive in the near future. While there may be fewer listings available compared to last year, new properties are continually coming onto the market. If you’re thinking about buying or selling a home, contact Holdsworth Real Estate today to discuss your goals in the Perth market.