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Perth median house price above $500k for first time since 2018

Perth’s median house price has reached $508,000 for the first time since December 2018.

The announcement:

Perth’s median house price is above $500,000 for the first time since December 2018, according to the latest data.

REIWA President Damian Collins said data showed Perth’s median house sale price had increased to $508,000 during April.

“The Perth property market continued its strong recovery in April. It’s a testament to the strength of our local market that even with the Easter and Anzac public holidays, as well as another lockdown during the month, that prices continue to rise,” Mr Collins said.

Home value index and median sale price
CoreLogic data shows Perth’s home value index lifted 0.8 per cent in April.

“April marks the ninth consecutive month of price increases. Since August 2020, the Perth home value index has increased 9.1 per cent and is up 5.9 per cent in 2021 alone,” Mr Collins said. sales data shows 87 suburbs recorded an increase in median house sale price during April.

“The suburbs to experience the biggest increase were Bullsbrook (up 7.8 per cent to $352,500), Bicton (up 6.6 per cent to $1.14 million), Wilson (up 3.9 per cent to $533,500), Mount Lawley (up 3.5 per cent to $1.035 million) and Secret Harbour (up 3.3 per cent to $445,500),” Mr Collins said.

“Other suburbs to perform well were Swanbourne, South Perth, Mandurah, Pinjarra and Victoria Park.”

Listings for sale
There were 8,742 properties listed for sale on at the end of April.

“Pleasingly, listings for sale have increased 5.8 per cent during the month. It’s clear that the current property market conditions are starting to entice more sellers to the market, which is helping to keep up with demand and provide buyers with more choice,” Mr Collins said.

“On an annual basis though, there are 25 per cent fewer properties for sale than this time last year, so demand is still outweighing supply.”

Median selling days
The median time to sell a home is now less than two weeks, with data revealing median selling days dropped to 13 during April.

“This is two days less than it took in March 2021 and 24 days quicker than in April 2020. Despite there being more properties available for sale, buyer appetite is still very strong and sellers continue to enjoy the quickest turn around in sale times that they have in more than 15 years,” Mr Collins said. data shows 28 suburbs had median selling times less than 10 days during April.

“The 10 fastest selling suburbs in April were Subiaco (five days), Noranda (six days), Tapping (six days), Harrisdale (seven days), Heathridge (seven days), Kinross (seven days), Ocean Reef (seven days), Padbury (seven days), Palmyra (seven days) and Alexander Heights (eight days),” Mr Collins said.

Perth rental market
Listings for rent increased 2.5 per cent during April, with 2,731 properties available for rent on at the end of the month.

“This is an encouraging sign and only the third time in the last 12 months that we have seen listings for rent increase in Perth. Now that the rental moratorium is over, it appears investors are starting to return to the market, which is something we desperately need to help rectify the state’s rental shortage,” Mr Collins said.

“Although there is still a long way to go, this is a positive trend and one we hope will gather more momentum in the coming months.”

Median rent price
Perth’s median rent price increased $10 to $420 per week in April.

“The last time rent prices were this high was June 2015, but this is still $30 less per week than the peak median rent price of $450 recorded in 2014. Perth tenants continue to enjoy some of the most affordable rents in the country,” Mr Collins said. data showed 38 suburbs recorded an increase in median house rent price during the month, with the strongest performers being Mount Pleasant (up $30 to $580 per week) and Seville Grove (up $20 to $350 per week).

“Other suburbs to perform well were Wilson, Aveley, Midland, Gosnells, Maddington, Waikiki, Alkimos and Spearwood,” Mr Collins said.

Median leasing days
The median time to lease a rental in April was 18 days, according to data.

“This is one day faster than it was in March and eight days faster that it was this time last year,” Mr Collins said.

“The fastest leasing suburbs during April were Seville Grove, Atwell and Lynwood, all of which had median selling times of 13 days during the month. Other suburbs to record fast median leasing times were Balga, Alkimos, Aveley, Wellard (all 14 days) and Bassendean, Willetton and Beckenham (all 15 days).”

COVID-19 impact
“The two instances of COVID-19 community outbreak that have occurred since 23 April should have a minimal short-term impact on the market provided Perth can get on top of the outbreaks quickly. If there are no sustained lockdowns or significant economic impact, REIWA anticipates that the Perth property market will continue its strong recovery,” Mr Collins said.

Source: REIWA press release

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