February saw Perth’s property market continue its upward trajectory, with median house and unit prices experiencing solid growth. However, a noticeable shift in buyer behaviour is emerging, signaling a more measured market.
Key Highlights
- Median House Price: Rose 1.0% to $757,750, a 22.2% annual increase.
- Median Unit Price: Increased 2.0% to $510,000, a 21.4% year-on-year rise.
- Buyer Behaviour: More discerning, taking time, and focusing on affordability.
- Sales Speed: Houses sold in a median of 13 days, units in 12 days.
- Active Listings: Increased 1.1% month-on-month and 23.3% year-on-year.
- Median Rent: Rose 0.7% to $675 per week, an 8.0% annual increase.
- Rental Listings: Down 4.8% from January, but up 23.7% year-on-year.
Market Dynamics in February
REIWA CEO Cath Hart highlighted a change in buyer sentiment. “Buyers are being discerning and taking their time,” she noted, emphasizing a shift from FOMO-driven purchases to a focus on affordability. While multiple offers remain common, sellers should expect a more moderated experience compared to last year.
Top Performing Suburbs
- Mandurah (up 2.9%)
- Doubleview (up 2.5%)
- Carlisle (up 2.3%)
- Lesmurdie (up 2%)
- Bullsbrook (up 2%)
Fastest Selling Suburbs (Houses)
- Hamilton Hill (5 days)
- Beeliar and Yokine (6 days)
Rental Market Insights
Rental prices continue to rise, albeit at a slower pace. The median dwelling rent reached $675 per week. Rental listings, while down slightly from January, are significantly higher than last year.
Top Rental Growth Suburbs
- Yokine (up 9.9%)
- Nedlands (up 7.7%)
- Dianella (up 7.7%)
Key Takeaways
- Perth’s property market remains strong, but buyer behaviour is evolving.
- Increased listings provide more options for buyers.
- Rental demand remains high, but supply is gradually improving.
- Expert advice from a local REIWA agent, such as Holdsworth Real Estate, is more important than ever.
If you’re considering buying, selling, or renting in Perth, don’t hesitate to reach out to us. Holdsworth Real Estate is committed to providing you with the expert guidance and support you need to achieve your real estate goals.