CoreLogics Perthhome value index increased 0.6 per cent during January, the highest monthlyincrease since May 2021.
REIWA PresidentDamian Collins said this was a strong start to the year, especially givenactivity is typically lower in January following the festive season.
Demand has beenstrong in the first month of the year. If this continues, the Perth market is ontrack to achieve the 10 per cent price growth that REIWA forecast for 2022, MrCollins said.
Median house sale price
reiwa.com data showsPerths median house sale price was $521,000 in January.
The suburbs to recordthe biggest median house sale price growth during January were Erskine (up 4.4per cent to $450,000), Padbury (up 2.4 per cent to $615,000), Kalamunda (up 2.1per cent to $725,000), Harrisdale (up two per cent to $549,000) and Wembley (up1.7 per cent to $1.3 million).
Other suburbs toperform well were Kinross, Falcon, Spearwood, Canning Vale and Landsdale.
Listings for sale
There were 8,245properties for sale on reiwa.com at the end of January, which is three per centmore than December 2021.
Weve seen a slightincrease in the number of properties for sale in Perth during January, assellers who deferred their listings over the break come back to market ready totake advantage of Perths strong buyer appetite, Mr Collins said.
Time on market
The median time tosell a house during January was 15 days, which is one day slower than December2021 and six days faster than January 2021.
Median selling timesare still exceptionally low and have been for some time now. Wed normallyexpect this figure to be up around 30 to 40 days, so the fact it continues tohover around the two-week mark is a testament to how tight competition forproperties is in Perth, Mr Collins said.
reiwa.com data showsthe fastest-selling suburbs in January were Harrisdale (seven days), Tapping(seven days), Leeming (eight days), Cooloongup (nine days) and Craigie (ninedays).
Other suburbs torecord fast median selling times were Hillarys, Kinross, Padbury, Warnbro andGreenfields.
Median rent price
Perths median rentprice was $450 per week during January, which is stable compared to December2021.
"Even thoughrents have increased over the last 12 months, we are not seeing unsustainablegrowth rates month-on-month. Western Australia is still the most affordableplace to rent in the country, Mr Collins said.
The suburbs to recordthe biggest increase in median rent during January were Dianella (up $20 to$450 per week), Yanchep (up $18 to $438 per week), Ellenbrook (up $10 to $410per week), Byford (up $10 to $440 per week) and Success (up $10 to $480 perweek).
Other suburbs torecord strong increases were Cloverdale, Armadale, Thornlie, Nedlands andWellard.
Median leasing times
It took a median of16 days to lease a rental during January, which was the same as December and twodays faster than January 2021.
The suburbs thatrecorded the fastest median leasing times during January were Wellard (12days), Willetton (12 days), Nedlands (13 days), Warnbro (13 days) and Yanchep(13 days).
Other suburbs toexperience fast median leasing times were Alkimos, Byford, Subiaco, Success andScarborough.
Listings for rent
There were 2,345properties for rent on reiwa.com at the end of January, which is a 25 per centincrease on December.
We saw rentallistings reduce significantly at the end of December, which is not unusual forthat time of year. Pleasingly, this reduction was temporary and listings forrent are now nine per cent higher than they were three months ago, Mr Collinssaid.
We are still a longway off rectifying the rental shortage though. We need WAs borders to open to increaseinvestment in the state and attract people with trade skills here to helpcomplete construction and free up rental stock.
