56 Perth suburbs record price growth in August
Fifty-six Perth suburbs recorded median house sale price growth during August, despite CoreLogic’s Perth home value index declining 0.2 per cent.
REIWA President Damian Collins said a minor dip in the home value index was always a possibility given the interest rate environment, but that Perth was holding up very well overall – particularly in comparison to other capital cities around the country.
“We anticipate there will be fluctuations month-to-month in the overall Perth figure as buyers adjust to interest rates rising, however Western Australia’s strong economy, growing population and housing shortage point to the current growth cycle continuing.
“At a suburb level, reiwa.com data reflects feedback from REIWA agents who continue to report fierce competition for properties and good outcomes for sellers on the ground. This is evidenced by the 56 suburbs that saw median house sale price growth during the month,” Mr Collins said.
The five suburbs to record the biggest increase in price during August were Maida Vale (up 3.1 per cent to $593,750), Cooloongup (up 2.6 per cent to $370,000), Hillarys (up 2.5 per cent to $1.005 million), Southern River (up 2.2 per cent to $625,000) and Orelia (up 1.9 per cent to $327,500).
Other suburbs to perform well for median house sale price growth were Stirling, Seville Grove, Woodvale, Yanchep and Girrawheen.
Listings for sale
There were 8,391 properties for sale on reiwa.com at the end of August, which is 1.8 per cent lower than July.
“The housing shortage that has gripped the state for the last couple of years continues to affect the residential sales market and is a key factor behind the strong competition buyers are experiencing,” Mr Collins said.
Time on market
The median time to sell a house was 17 days during August, which is one day slower than July and one day faster than August 2021.
“Properties are still selling very quickly across the Perth region, which is not surprising given listings for sale are still low. Buyers need to act quickly and present a competitive offer in order to secure a property,” Mr Collins said.
reiwa.com data shows the fastest-selling suburbs in August were Orelia (six days), Greenfields (seven days), Merriwa (seven days), Parmelia (seven days) and Cooloongup (eight days).
Other suburbs to record fast median selling times were Kingsley, Warnbro, Kinross, Carramar and Clarkson.
Perth rental market
Median rent price
Perth’s median rent price was $480 per week during August, which is $10 more per week than July.
“Rents will continue to rise in Perth while there is a rental shortage. We urgently need more investors in the market to help provide housing and ensure we keep rents affordable,” Mr Collins said.
Median leasing times
It took a median of 16 days to lease a rental during August, which was the same as July and three days faster than August 2021.
The suburbs that recorded the fastest median leasing times were Seville Grove (10 days), Balga (11 days), Golden Bay (11 days), Piara Waters (12 days) and Ellenbrook (12 days).
Other suburbs to experience fast median leasing times were Thornlie, Greenfields, Dianella, Morley and Wellard.
Listings for rent
There were 1,907 properties for rent on reiwa.com at the end of August, which is 15 per cent less than July.
“The fact is there are not enough available rentals in Perth to keep up with demand. This is creating an extremely competitive and challenging rental environment for tenants,” Mr Collins said.
“Unfortunately, this situation will only worsen if major changes are made to WA’s residential tenancy laws that would remove an owner’s right to make decisions about their property. We need to focus on addressing the rental shortage and housing supply issues, not introducing legislation that would further discourage investors from buying in WA.”
