INDUSTRY NEWSNEWSWA

Perth property market gears up a notch

Perth has enjoyed its fourth consecutive month of increased sales activity, with a 9 per cent rise in volume during November, while price growth is also keeping pace.

According to data from the Real Estate Institute of Western Australia (REIWA), the weekly average sales figure for November was 1048 properties, which is 24 per cent higher than the same time last year.

Meanwhile, median price growth also occurred in 90 Perth suburbs during the month.

REIWA President Damian Collins said the spring selling season had turned the market up a notch.

“It was another strong month of sales in Perth, with REIWA members on the ground reporting high sales turnovers across all price points,” Mr Collins said.

“The Perth residential sales market is in a very good position for further growth as we exit 2021 and move into 2022.”

The five suburbs to record the biggest increase in sales during November were Hamilton Hill, North Perth, Karrinyup, Greenfields and Shoalwater.

CoreLogic’s Perth home value index increased 0.2 per cent during November and is up 14.5 per cent on an annual basis, while reiwa.com data shows Perth’s median house sale price was $520,000 in November.

“Whilst overall price growth is modest, the suburb level data tells a very different story with 90 suburbs recording price growth during the month,” Mr Collins said.

The suburbs to record the biggest house price growth during November were:

  • Willagee (up 4 per cent to $625,000)
  • Golden Bay (up 3.8 per cent to $395,000)
  • Kingsley (up 3 per cent to $655,000)
  • Spearwood (up 2.9 per cent to $525,000)
  • East Victoria Park (up 2.9 per cent to $700,000)

Other suburbs to perform well were North Perth, Wembley Downs, Currambine, Willetton and Dudley Park.

Listings for sale

There were 9271 properties for sale on reiwa.com at the end of November, which is 7 per cent more than October.

“As is typical for this time of year, we’ve seen a steady increase throughout spring in the number of properties for sale in Perth as sellers look to capitalise on the strong market conditions,” Mr Collins said.

On an annual basis, reiwa.com data shows listings for sale are 6 per cent lower than they were at the end of November 2020.

Time on market

The median time to sell a house during November was 14 days, which is one day faster than it took in October and eight days faster than November 2020.

“Properties sold very quickly in November, with the median time to sell now just two weeks. That is exceptionally fast and illustrates buyers are needing to act swiftly in this market and put in competitive offers to ensure they don’t miss out on a property,” Mr Collins said.

reiwa.com data shows the fastest-selling suburbs in November were:

  • Heathridge (five days)
  • Shenton Park (six days)
  • Claremont (six days)
  • Kingsley (six days)
  • Leeming (six days)

Other suburbs to record fast median selling times were Inglewood, North Perth, Hocking, Floreat and Bull Creek.

Perth rental market

There were 2358 properties for rent on reiwa.com at the end of November, which is 10 per cent more than October.

“There was a notable jump in the number of available rentals on the market between October and November. We still have a long way to go to achieve a balanced rental market, but this is an encouraging trend and welcome news for Perth tenants searching for a rental,” Mr Collins said.

The suburbs to record the biggest increase in rental listings during the month were Clarkson, Hamilton Hill, Success, Halls Head and Bentley.

Median rent price

Perth’s median rent price increased $10 to $440 per week in November.

“This is the first increase to Perth’s median rent price that we have seen since July, which is quite remarkable given how tight stock levels have been over the last couple of months,” Mr Collins said.

“Even though rents have increased, they are still $10 a week more affordable than they were in 2014 when the median weekly rent price peaked at $450.”

The suburbs to record the biggest increase in median rent during November were:

  • Cloverdale (up $20 to $420 per week)
  • Carlisle (up $20 to $440 per week)
  • Maddington (up $13 to $370 per week)
  • Armadale (up $10 to $320 per week)
  • Gosnells (up $10 to $350 per week)

Median leasing times

It took a median of 16 days to lease a rental during November, which was one day faster than October and one day faster than November 2020.

The suburbs to record the fastest leasing times during November were:

  • Kelmscott (11 days)
  • Wellard (11 days)
  • Byford (12 days)
  • Scarborough (12 days)
  • Innaloo (13 days)

Other suburbs to experience fast median leasing times were Butler, Canning Vale, Cloverdale, Gosnells and Nollamara.

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