Perth home values up 10 per cent in last 10 months

The Perth residential sales market continued its growth trajectory for a tenth consecutive month in May, with the Core Logic Perth home value index increasing 1.1 per cent during the month.

REIWA President Damian Collins said that brought Perth price growth to seven per cent for the first five months of the 2021 calendar year and 10 per cent since July 2020, Mr Collins said.

Median house sale price

Perths median house sale price for May was $510,000, with reiwa.com data revealing 81 suburbs recorded house sale price growth during the month.

The top performers were Attadale (up 4.9 per cent to $1.25 million), Scarborough (up 3.8 percent to $755,0000), Melville (up 3.6 per cent to $860,000), South Lake (up 3.6 per cent to $400,000) and Hamilton Hill (up 3.5 per cent to $490,000),” Mr Collins said.

Nedlands, Atwell, Craigie, Floreat and Bicton also performed well.

Median selling days

Competition among Perth buyers remains high, with the median time to sell sitting at 14 days for May.

“Median selling times are still sitting close to 15-year lows, with buyers needing to act very quickly to secure a property, Mr Collins said.

Listings for sale

There were 9,020 properties for sale in Perth at the end of May on reiwa.com.

This is 0.8 per cent more than there were at the end of April and 14.9 per cent more than three months ago. The figure for May is also the first time we have seenlistings sit above 9,000 since November 2020, Mr Collins said.

Given the buoyancy of the Perth sales market, more and more people are recognising that there is good opportunity to sell their home for a competitive price which is leading toan increased number of properties on the market.

Listings for rent increased 3.8 per cent in May, while the Perth median rent price was stable during the month.

While the rental market has some way to go before it balances out, the signs are encouraging that we are on the right track. Sincethe moratorium ended in March, weve seen investor activity start to build again, as evidenced by last months ABS investor finance figures, which is producing more rental stock and helping to slow down rental price growth, Mr Collins said.

Listings for rent

Not only are listings up 3.8 per cent for the month, but over the last three months we have seen rental listings increase 7.4 per cent, which is quite substantial after a long period of declines, Mr Collins said.

The 10 suburbs to recordthe biggest increase in rental listings during the month were Kewdale, Balcatta, Maddington, Mount Pleasant, Como, Cloverdale, Yanchep, Mindarie, Forrestfield and Claremont.

Median rent price

Perths median rent price was unchanged in May, holding at $420 per week.

This is only the second time this year that weve seen the median rent price remain unchanged. The increase in listing volumes coupled with stable rents suggests thechallenging market conditions facing tenants are beginning to ease, Mr Collins said.

While the overall median rent price was unchanged during the month, 29 suburbs did record price increases.

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