"We don't anticipate the demand for property changing anytime soon," REIWA boss says
Perth’s property market is continuing its steady growth trajectory, with CoreLogic reporting that Perth home values rose 0.3% in February.
Damian Collins, president of the Real Estate Institute of Western Australia, said that Perth was on track for another solid year of home price growth.
“REIWA members across Perth are reporting strong market conditions,” Collins said. “We don’t anticipate the demand for property changing anytime soon, especially with borders set to open this week.”
Perth’s median house sale price was $525,000 in February, according to data from REIWA.
“Despite the strong market conditions, Perth still has the most affordable median house sale price of any capital in the country,” Collins said. “In Sydney and Melbourne, their median house sale prices sit above $1 million, pushing the dream of homeownership out of reach for many people. We are lucky that owning your own home is still attainable for most people in Perth.”
The suburbs recording the biggest median house sale price last month were Mount Nasura (up 3.1% to $490,000), Nedlands (up 2.4% to $2.1 million), Meadow Springs (up 2% to $430,000), Hammond Park (up 1.9% to $525,000) and Hamersley (up 1.8% to $565,000).
There were 7,892 properties listed for sale on reiwa.com at the end of February, on par with January and 13% lower than the end of November.
“With interstate and overseas migration expected to increase considerably once borders open, we anticipate competition among buyers will intensify, which will put downward pressure on listing stock,” Collins said.
Read next: Sixty-three Perth suburbs post record sale prices
Perth’s median rent was $450 per week in February, holding steady from the month before.
“This is the third month in a row median rent prices have held at $450 per week,” Collins said. “It should reassure tenants that even though demand for rentals is strong, rent prices are not growing at unsustainable levels.”
The suburbs posting the largest median rent increases last month were Yokine (up $15 to $475 per week), Rockingham (up $10 to $390), Scarborough (up $15 to $595), Ellenbrook (up $10 to $420) and Yanchep (up $10 to $450).
