January marked a subtle increase in Perth’s median house sale price, climbing 1.4% to reach $750,000, which is notably 23% higher than in January of the previous year, REIWA reported.
Similarly, the median unit price experienced a rise, increasing by 1% to $500,000, marking a 20.5% gain year-on-year.
REIWA CEO Cath Hart (pictured above) provided insights into the current state of the housing market, noting a deceleration in the price growth pace.
“We are seeing a softer market at the moment, which is fairly typical of festive season activity but also reflects the easing of FOMO seen in the latter part of 2024,” Hart said.
She highlighted that while some properties in desirable locations continue to attract interest and sell quickly, others may linger on the market longer.
Certain suburbs in Perth witnessed notable price growth in January, with Scarborough leading the way with a 2.7% increase to $1,204,000.
Other areas such as Dawesville and Camillo also saw significant rises, contributing to the diverse market dynamics across the city.
The median time on market for houses in Perth extended in January, with homes taking an average of 22 days to sell, which is slower compared to the previous months and the prior year. Units showed a similar trend, with a median selling time of 17 days.
Hart anticipates a potential decrease in these figures as the housing market enters the busier autumn season.
January ended with 4,767 active listings, an 8.5% increase from December and a 25.5% rise from the previous year, REIWA data showed.
“Active listings declined towards the end of December and were fairly low in early January, which is typical for that time of year,” Hart said. “We saw the number of new listings increase towards the end of the month.”
The rental market in Perth also reflected growth, with the median dwelling rent rising to $670 per week, an 8.9% increase from last year.
Despite some monthly fluctuations, the rental market has seen a moderation in growth rates compared to the explosive increases of the previous year, REIWA reported.
Perth’s property market is adjusting to a more nuanced buyer interest, with significant variances in how quickly homes are selling based on their location and appeal.
Despite a general slowdown, certain suburbs continue to perform well, illustrating the heterogeneous nature of market dynamics.
Hart’s outlook remains cautiously optimistic as the market progresses through 2025, with ongoing adjustments likely in response to both domestic conditions and broader economic factors.
Read the REIWA report here.
