Perth Homes Selling Faster as Listings Hit Record Low

Perth’s property market tightened further in August, with active listings dropping to a record low of 2,981. According to REIWA, this was 10.4 per cent fewer than July and 18.3 per cent lower than at the same time last year. A quieter flow of new listings through winter, paired with ongoing strong demand, has kept stock levels at historic lows.

REIWA President Suzanne Brown noted that many sellers were reluctant to list in winter, partly due to presentation challenges, but also because buying conditions remain competitive. Some sellers are now choosing to list with the condition that they first secure a suitable new home. The result has been a significant imbalance between demand and supply, pushing homes to sell faster than before.

This strong competition is evident in price growth. Perth’s median house price rose 0.4 per cent in August to $800,000, now 14.3 per cent higher than a year ago. Units also saw an uplift, with the median rising 0.5 per cent to $552,500 — 17.8 per cent higher than last year. Suburbs such as Palmyra, Stirling, Applecross, Jindalee and Aveley led the growth, with several others recording gains above 0.8 per cent.

The pace of sales also picked up. Houses sold in a median of 10 days, while units sold even faster at nine days. Buyers are once again experiencing Fear of Missing Out (FOMO), similar to the first half of 2024, as homes in some suburbs — including Brabham, Treeby and Hammond Park — sold in as little as four to five days.

On the rental front, Perth’s median dwelling rent remained steady at $680 per week in August. However, house rents rose 2.2 per cent to $700, while units held steady at $650. Leasing times shortened slightly to a median of 16 days, with strong demand in suburbs such as Alkimos, Yokine and Inglewood. REIWA expects mild seasonal increases in rent as the market heads towards the end of the year, but reports suggest many landlords are applying only modest adjustments at renewal.

If you'd like to talk about how this will affect your property plans, don't hesitate to contact the team at Bellcourt on 08 6141 7848.