Perth’s property market continues its upward trajectory, with median house prices rising 0.6% in May to $780,000, marking an 18% increase year-on-year.
Unit prices climbed 1.9% to $535,000, reflecting 21% annual growth.
REIWA President Suzanne Brown said the conditions underpinning price growth remained.
“Population growth, while declining slightly, is still strong, which fuels demand for housing,” she said.
“The WA economy remains strong and unemployment is low. Despite headwinds in some areas of the resources sector, the latest data from the Department of Energy, Mines, Industry Regulation and Safety shows the industry has recorded eight consecutive calendar years of employment growth.
“And, while we are still very much a resource-based state, WA is no longer as dependent on mining as it was. There has been a strong focus on diversifying the economy from the State Government, and our growing population has led to more roles in sectors like health care and education, which is likely to continue.
“These factors support consumer confidence and a robust property market.”
Active listings for sale reached 4,351, down 6.6% from April but up 32.9% year-on-year, indicating strong market activity.
Sales momentum picked up toward the end of May, with houses selling in a median of 13 days and units in 14 days. Harrisdale led the fastest-selling suburbs, with properties moving in just six days.
The rental market remains stable, with median dwelling rents rising 0.7% to $675 per week. House rents held steady at $680, while unit rents remained at $650, 8.3% higher than a year ago. West Leederville and Fremantle saw the highest rental price growth, with increases of 7.7% and 6.3%, respectively.
Rental listings increased 4.1% from April, reaching 2,380 properties, though still 1.3% lower year-on-year. Leasing times slowed slightly, with homes renting in a median of 17 days, two days longer than April. Brabham and Doubleview recorded the fastest leasing times, at nine days.
Related content
