Perth Suburbs Where Homes Are Selling Faster Than Ever

Perth Suburbs Where Homes Are Selling Faster Than Ever

Perth Suburbs Where Homes Are Selling Faster Than Ever

The Perth property market has been experiencing some fascinating trends, with certain suburbs seeing homes flying off the shelf faster than others. While the overall time houses are spending on the market has increased, with homes sitting for a median of 15 days in December—slower than in November—some Perth suburbs continue to defy this trend with rapid sales. In fact, suburbs like Carlisle, Beeliar, and Cooloongup saw homes selling in a stunning median of just 6-7 days. It's clear that the demand for property is still strong, despite the general trend towards slower sales.

According to the latest data from the Real Estate Institute of Western Australia (REIWA), while the overall sales time for houses and units has slowed slightly, certain areas are still seeing high demand and fast sales. For example, properties in suburbs like Nollamara and Palmyra sold in just 8 days, while places like Spearwood, Golden Bay, Joondalup, and Maddington took a bit longer—around 9 days—but they are still very quick by historical standards. Even in today’s market, with slightly longer sale times, homes are still being snapped up at a pace much faster than pre-pandemic levels, where the average time to sell was over 40 days.

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The strong demand is reflected in the prices too. Perth’s median house price reached $740,000 in December, marking a 1.7% increase from November and a whopping 23.3% rise compared to December 2023. Even unit prices saw a notable rise, increasing by 2.1% month-on-month and by 20.0% compared to a year ago, to reach a median of $495,000.

While the market’s pace may have slowed a little from the fevered pace earlier in 2024, REIWA CEO Cath Hart notes that the fundamentals of the market are still very strong. With population growth in Western Australia seeing an impressive 2.8% increase for the year up to June 2024, a strong economy, and low unemployment rates, Perth continues to favor sellers. Though the overall rate of price growth has slowed a bit in recent months, demand for established housing remains high, and homes are still selling quickly compared to historical standards.

The suburbs that have seen the biggest price growth recently include Applecross, which saw a 4.2% rise to a median price of $2.5 million, Parkwood (up 4% to $790,000), City Beach (up 3.4% to $3 million), and Fremantle (up 3% to $1.295 million). Other suburbs that saw good growth include Westminster, South Perth, Medina, Shoalwater, and Hamersley.

On the rental side, Perth has led the capital cities in rent growth, with a sharp 8.3% increase in median rent, now sitting at $650 per week. This increase in rent is the highest year-on-year in the country, although the pace of growth is beginning to slow. While rents are still climbing, they are doing so at the slowest pace since late 2021.

Overall, while the market may be seeing some signs of cooling compared to the peak of 2024, the demand for housing in Perth is still high. Buyers are able to take their time with decisions, thanks to a healthy influx of new listings, but homes continue to sell quickly in many areas, and prices are still on the rise in key suburbs. With a strong local economy, rising population, and continued demand for housing, it seems the Perth property market still has plenty of momentum left in it.

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