Spring brings a flood of new listings to the Perth market
October saw a surge of new property listings in Perth, reaching a three-year high! More than 5,500 properties hit the market, fueled by strong selling conditions and motivated sellers. This influx of listings provides more choice for buyers, although competition remains fierce.
Key takeaways from October:
- New listings soar: Over 5,500 new listings entered the market, the highest since March 2021.
- Active listings increase: The number of available properties rose to 5,028, up 27.1% from September.
- Median house price climbs: Perth’s median house price reached $715,000, a 2.1% increase from September and a significant 22.2% jump year-on-year.
- Unit prices also rise: The median unit price increased to $475,000, up 2.2% for the month and 17.3% annually.
- Rental market moderates: Median rents for both houses and units remained stable at $650 per week.
What’s driving the market?
REIWA CEO Cath Hart attributes the surge in listings to the traditional Spring selling season, coupled with sustained demand and strong price growth. Sellers are capitalizing on these favourable conditions.
Looking ahead:
REIWA predicts continued price growth, with Perth’s median house price potentially reaching $750,000 by the end of 2024. However, upcoming federal and state elections, along with potential interest rate changes, could influence market activity in the coming months.
Suburb spotlight:
Craigie, Applecross, and Pinjarra led the way in price growth during October, while Como, Banksia Grove, and Yanchep also showed strong performance.
Rental market insights:
While rents remained stable overall, unit rents are on the rise due to affordability concerns and increased competition. Suburbs like West Perth, Rivervale, and Perth saw notable increases in median weekly rents.
Stay informed:
Keep an eye on our blog for future market updates and analysis. Whether you’re a buyer, seller, or renter, staying informed about market trends is crucial in navigating Perth’s dynamic property landscape.