Perth’s once breakneck real estate market is experiencing a subtle shift. While seller’s market dominance persists, recent trends indicate a longer time to sell due to an influx of new listings.
Key Takeaways:
- Median Days on Market: Up to 13 days in November, compared to the consistent 9 days observed most of 2024.
- Reason for Change: Increased listings are providing buyers with more options, leading to a more cautious approach.
- Demand Still Strong: High attendance at open houses, multiple offers on properties, and price growth continue.
- Affordability Concerns: Rapid price increases are making some buyers more price-conscious.
- Active Listings Rise: The number of properties for sale in Perth jumped 10.9% from October and 17% year-over-year.
Perth Property Prices Remain on the Rise:
- Median House Price: Increased 1.7% to $727,500 (22.3% YoY)
- Median Unit Price: Up 2.1% to $485,000 (18.3% YoY)
Suburb Standouts:
- Houses: Shoalwater, Currambine, Carramar, Warnbro, Duncraig
- Units: No specific data provided
Time on Market:
- Houses: 13 days (1 day slower than October, 4 days slower than Nov 2023)
- Units: 13 days (unchanged from Oct 2024, same as Nov 2023)
Perth Rental Market Update:
- Median Rent: Stable at $650 per week (8.3% YoY)
- Houses: Median rent rose to $670 (3.1% MoM, 9.8% YoY)
- Units: Median rent declined to $620 (1.6% MoM, 12.7% YoY)
- Fastest Leasing Suburbs: Tuart Hill, Nedlands, Brabham, West Perth, South Perth
What This Means for Sellers:
While Perth remains a seller’s market, the increasing number of listings may require adjusting strategies. Highlighting a property’s unique value proposition and ensuring competitive pricing will be crucial to attract buyers in this evolving market.
WhatsApp Josh on +61 (0)488038805 or josh@myperthrealestate.com.au for further information or a confidential discussion regarding buying, selling or renting
