In Perth, the trend of increasing property prices remains robust, with the median house sale price rising by 1% in February to $757,750, a notable 22.2% increase from the same month in 2024.
Units also saw a significant rise, with prices climbing 2% month-over-month and 21.4% year-on-year to $510,000, REIWA reported.
REIWA CEO Cath Hart (pictured) pointed out a shift in the market’s dynamics.
“Last month, we reported buyers were being discerning and taking their time in their purchasing decisions,” Hart said. “They are also being very prudent when it comes to prices and making an offer.”
The feverish buying pace seen a year ago, which contributed to significant growth in the Perth property market, was driven by fear of missing out (FOMO). This has now shifted to more cautious and calculated approaches, with a focus on affordability rather than maximizing borrowing.
The selling experience has evolved from the previous year. While many sellers still receive multiple offers, the selling process is taking slightly longer, and homes are not always selling at the first open.
“When markets are changing, even slightly, it is essential to get the advice of a local REIWA agent when selling,” Hart said. “They can tell you what is happening at the coalface, what sort of buyers are active in your area and their purchasing behaviours, and how best to present and price your home for your local market.”
February’s real estate performance highlighted growth across various suburbs.
Mandurah led with a 2.9% increase to $530,000, followed closely by Doubleview and Carlisle, with rises of 2.5% and 2.3%, respectively. Both Lesmurdie and Bullsbrook also experienced a 2% increase in median sale prices, REIWA reported.
Despite the changes, homes in Perth sold in a median of 13 days in February, slightly slower than the previous year but faster than January. Units were also quick to sell, averaging 12 days on the market.
Active listings for sale were slightly up by 1.1% from January to 4,948, indicating a busy market with continued strong sales keeping inventory levels relatively stable.
“February and March tend to be busy months for the market, so we expect more new listings to come to the market in March, but if properties continue to sell quickly, active listings will remain at similar levels,” Hart said.
The median dwelling rent in Perth increased by 0.7% to $675 per week in February, marking an 8% rise compared to last year.
However, the median rents for houses and units remained stable month-over-month, although they saw year-on-year increases of 4.6% and 12.1%, respectively.
“As rental supply slowly increases and the vacancy rate rises, we are seeing the rate of growth slow for Perth median rent prices,” Hart said.
The REIWA chief stressed the importance of local insights for both tenants and property owners to navigate the varying conditions across different suburbs.
Properties for rent saw a slight decrease in active listings to 2,053, 4.8% lower than January but still 23.7% higher than last year.
Homes leased in a median of 15 days, reflecting consistent demand and rapid leasing activities, particularly in suburbs where properties often lease off-market due to high demand.
