Perth’s property market extended its growth in April, with house prices up 1.1% to $775,000 and unit prices rising 1.7% to $525,000—annual increases of 19.2% and 20.7% respectively, according to REIWA.
REIWA president Suzanne Brown (pictured) said that while the broader market remains strong, trends are diverging at a local level.
“While the majority of Perth suburbs continue to record increases in their median house sale price, some have shown stability over the past few months and a few are starting to record slight declines,” Brown said. “These changes may be more reflective of sales in slightly lower price brackets.
“We are occasionally hearing reports from members about properties being sold for less than the asking price, but this depends on a number of factors such as location, presentation, realistic initial pricing, and local levels of competition and buyer interest.”
Several suburbs in Perth—the country’s least densely developed capital—recorded notable price growth in April:
Other high-growth suburbs included Rockingham, Quinns Rocks, Falcon, Woodvale, and Girrawheen, all rising by 1.5% or more.
Active listings across Perth fell to 4,751 at the end of April, a 3.8% decline from March, but still 37.9% higher than a year ago.
“Active listings declined slightly in April, which is a reflection of the school holidays period and multiple public holidays,” Brown said.
“Our members report many homeowners were planning to wait until the end of the holiday period before putting their home on the market, so we expect new listings to increase over the next few weeks.
“We saw less sales activity over the month, which is also a reflection of the number of holidays.”
The median time to sell a house in Perth in April was 14 days, one day longer than in March and five days longer than in April 2024.
Units mirrored this trend, also taking a median of 14 days to sell, up one day from the previous month.
According to REIWA, the fastest-selling suburbs for houses included:
Perth’s median dwelling rent fell 1.5% to $670 per week in April, though it remains 3.1% higher than the same time last year.
House rents also declined, down 1.4% to $680, while unit rents held steady at $650, up 8.3% year-on-year.
“With changing conditions in the market, we expect to see some movement up and down in the Perth median rent price over the coming months,” Brown said.
However, results are expected to vary between suburbs.
“In suburbs where demand is high, median rent prices are likely to continue to increase,” Brown said. “Median rent prices may decline in areas that are less popular or where there is an excess of supply. In these suburbs tenants may have more negotiating power than they have had in the past few years.”
Even within the same suburb, one property may command a higher rent while another nearby might need a price reduction to attract a tenant, sh said.
According to REIWA, the suburbs with the highest increases in median weekly rent were:
The number of rental properties available rose to 2,281, 8.4% higher than in March and 5.4% above levels seen 12 months ago.
The median leasing time in Perth was 15 days in April, unchanged from the previous month but one day faster than April 2024.
Fastest-leasing suburbs included:
