Sales activity increased nine per cent in Perth during November 2021, with reiwa.com reported sales data showing the average weekly sales figure was 1,048 during the month, which is 24 per cent higher than November 2020.
REIWA President Damian Collins said the spring selling season had turned up a notch, with November marking the fourth consecutive month of increased sales.
“It was another strong month of sales in Perth, with REIWA members on the ground reporting high sales turnovers across all price points. The Perth residential sales market is in a very good position for further growth as we exit 2021 and move into 2022, Mr Collins said.
The five suburbs to record the biggest increase in sales during November were Hamilton Hill, North Perth, Karrinyup, Greenfields and Shoalwater.
Perth home value index and median house sale price
CoreLogics Perth home value index increased 0.2 per cent during November and is up 14 per cent on an annual basis.
reiwa.com data shows Perths median house sale price was $520,000 in November.
“Whilst overall price growth is modest, the suburb level data tells a very different story with 90 suburbs recording price growth during the month, Mr Collins said.
The suburbs to record the biggest house price growth during November were Willagee (up four per cent to $625,000), Golden Bay (up 3.8 per cent to $395,000), Kingsley (up three per cent to $655,000), Spearwood (up 2.9 per cent to $525,000) and East Victoria Park (up 2.9 per cent to $700,000).
Other suburbs to perform well were North Perth, Wembley Downs, Currambine, Willetton and Dudley Park.
Listings for sale
There were 9,271 properties for sale on reiwa.com at the end of November, which is seven per cent more than October.
“As is typical for this time of year, we’ve seen a steady increase throughout spring in the number of properties for sale in Perth as sellers look to capitalise on the strong market conditions, Mr Collins said.
On an annual basis, reiwa.com data shows listings for sale are six per cent lower than they were at the end of November 2020.
Time on market
The median time to sell a house during November was 14 days, which is one day faster than it took in October and eight days faster than November 2020.
Properties sold very quickly in November, with the median time to sell now just two weeks. That is exceptionally fast and illustrates buyers are needing to act swiftly in this market and put in competitive offers to ensure they don’t miss out on a property, Mr Collins said.
reiwa.com data shows the fastest-selling suburbs in November were Heathridge (five days), Shenton Park (six days), Claremont (six days), Kingsley (six days) and Leeming (six days).
Other suburbs to record fast median selling times were Inglewood, North Perth, Hocking, Floreat and Bull Creek.
Perth rental market
Listings for rent
There were 2,358 properties for rent on reiwa.com at the end of November, which is 10 per cent more than October.
“There was a notable jump in the number of available rentals on the market between October and November. We still have a long way to go to achieve a balanced rental market, but this is an encouraging trend and welcome news for Perth tenants searching for a rental, Mr Collins.
The suburbs to record the biggest increase in rental listings during the month were Clarkson, Hamilton Hill, Success, Halls Head and Bentley.
Median rent price
Perths median rent price increased $10 to $440 per week in November.
This is the first increase to Perth’s median rent price that we have seen since July, which is quite remarkable given how tight stock levels have been over the last couple of months, Mr Collins said.
“Even though rents have increased, they are still $10 a week more affordable than they were in 2014 when the median weekly rent price peaked at $450.”
The suburbs to record the biggest increase in median rent during November were Cloverdale (up $20 to $420 per week), Carlisle (up $20 to $440 per week), Maddington (up $13 to $370 per week), Armadale (up $10 to $320 per week) and Gosnells (up $10 to $350 per week).
Median leasing times
It took a median of 16 days to lease a rental during November, which was one day faster than October and one day faster than November 2020.
The suburbs to record the fastest leasing times during November were Kelmscott (11 days), Wellard (11 days), Byford (12 days), Scarborough (12 days) and Innaloo (13 days).
Other suburbs to experience fast median leasing times were Butler, Canning Vale, Cloverdale, Gosnells and Nollamara.