Published by: Sanctuary Real Estate

Published date: October 7, 2024

Perth’s property market has launched into its Spring selling season, with active listings increasing by 8.4% in September, reaching 3,952 by the end of September.

Cath Hart, REIWA CEO noted that new listings had picked up compared to the months leading up to the Spring selling season, contributing to the rise in active listings.

Hart said, “Spring is one of the strongest sales periods of the year and members are reporting more listings coming to market, with new listings exceeding the number of sales over the past month.”

She added, “Properties are still selling very quickly though, which will keep active listings relatively low.”

“Active listings are currently 19% lower than at the same time last year, which marks a notable improvement compared to recent months. Between November 2023 and May 2024, we experienced a year-on-year drop of 40% in active listings, with volumes remaining over 30% lower than the previous year from May 2023 onward.”

Sales Prices in Perth

In September, Perth’s median house sale price rose by 1.7%, marking a 21.5% increase over the past year, bringing the median to $700,000.

On the other hand, the median unit sale price also increased up to 2.2% over the month to $465,000 which was 16.3 per cent higher year-on-year. 

Hart said, “There is still strong demand for established homes, fuelled by population growth and the ongoing constraints in the building industry.”

She also added, “It will take a significant change in demand or supply to ease the upward pressure on prices in the established homes market.”

Hart said more increases were expected over the remainder of 2024.

Fastest Selling Suburbs in September

The fastest selling suburbs for houses for the month of September according to reiwa.com, were Brabham, Golden Bay and Yokine (five days);  Balcatta, Como, Kingsley, Maylands, Secret Harbour, Wembley Downs (six days); and Kalamunda (seven days).