It took a median of 10 days to sell a property in June, the fastest time on record, according to the latest data from REIWA.
The fastest selling suburbs were Greenfields and Parmelia (three days); Balga, Dudley Park and Port Kennedy (four days); and Bertram, Cooloongup, Armadale, Carlisle and Leeming (five days).
The number of properties available for sale in Perth fell to 5384 at the end of June. This was 4.4 per cent lower than May, and 37.5 per cent lower than 12 months ago.
House prices also rose marginally to $551,000 over the 12 months to June according to CoreLogic’s Perth home value index. The index increased 0.9 per cent in June and 2.8 per cent over the past three months.
REIWA president Joe White said the median house price is expected to rise further in coming months.
“Demand remains strong and is being fuelled by population growth, along with more people turning to the established homes market due to the delays and rising costs in the building industry and the challenges of the rental market,” he said.
“The trend for house prices shows a steady increase and we will see more significant growth towards the end of the year.
“However, the unit market is remaining fairly stable, with the median hovering around $400,000 and little change is expected in the near future.”
The top-performing suburbs for house price growth in June were Beeliar (up 3 per cent to $625,000), Hammond Park (up 2.6 per cent to $533,500), Dawesville (up 1.9 per cent to $550,000), Cooloongup (up 1.8 per cent to $417,500), and Caversham and Armadale (up 1.4 per cent to $547,500 and $329,500 respectively).
Palmyra, Butler, Waikiki and Cloverdale all recorded growth over 1 per cent.
White said while demand had remained strong in the face of 12 interest rate rises, buyers were more budget conscious and were factoring in further rate rises.
CoreLogic research director Tim Lawless said every capital city except Hobart (-0.3%) saw dwelling values rise in June with Sydney continuing to lead the cycle.
“A lack of available supply continues to be the main factor keeping upwards pressure on housing values,” he said.
“Across the capital cities, Perth is the only capital where home values are at record highs.”
Median rents reached new heights in June hitting a record $580 per week, up from $570 in May and $500 at the same time last year.
The median unit price also set a record. It rose $20 over the month to $520 per week. This was $80 higher than June 2022.
There were just 2146 properties available for rent at the end of June, a 7.4 per cent increase on May, but 5.7 per cent lower than June 2022.
The suburbs that saw the most growth in their median rent price in June were Claremont (up 44 per cent to $828 per week), Sorrento (up 43 per cent to $1000), Victoria Park (up 33 per cent to $600), Inglewood (up 28 per cent to $600), and West Leederville (up 23 per cent to $750).
Source : WAToday