Perth Market Shift: homes taking nearly twice as long to sell

Perth homes are taking longer to sell as the market moves away from the very fast conditions seen earlier this year.

Latest data shows houses are now selling in a median of 14 days and units in 13 days, compared to just 9 days and 8 days in February. While slower, properties are still selling well ahead of long-term averages.

REIWA says the change is mainly due to more homes hitting the market and buyers becoming more cautious due to higher interest rates. Listings have lifted to over 1,000 per week in recent months, giving buyers more choice and reducing urgency.

Prices are still rising. In May, the median house price increased 2.2% to $920,000, while units rose 2.3% to $660,000. However, growth is expected to ease if current conditions continue.

More stock is also available, with over 5,100 properties listed for sale at the end of May — the highest level in more than a year.

Rentals were mostly stable, with median weekly rents holding at $750 for houses and $700 for units, though still higher than a year ago.

Overall, Perth’s market remains strong but is shifting from extremely fast conditions to a more balanced pace, giving buyers more time and sellers a need to price carefully.