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In December, Perth’s median house price climbed to $740,000, reflecting a 1.7% increase from November and a 23.3% rise compared to December 2023. Median unit prices also saw an uplift, growing by 2.1% for the month and 20% year-on-year, reaching $495,000.
While price growth has slowed slightly, Perth’s market fundamentals remain robust. Strong population growth of 2.8% (to June 2024), low unemployment, and a healthy economy are driving high demand for established homes. Properties are continuing to sell quickly despite the slight easing in momentum.
The suburbs with the highest median house price growth in December included:
Other notable performers were South Perth, Medina, Shoalwater, Hamersley, and Coolbellup, each recording growth of 1.9% or more.
Houses in Perth sold in a median of 15 days during December, slightly slower than November by two days and five days slower than a year ago. Units also took a median of 15 days to sell, a minor slowdown compared to prior months.
The change reflects the usual December slowdown due to the festive season, as well as the increase in listings seen earlier in the year. Even with these shifts, homes continue to sell rapidly compared to pre-COVID averages, when the median time to sell exceeded 40 days.
Fastest-Selling Suburbs in December
Listings for Sale:
Active listings dropped by 22.6% month-on-month, ending December at 4,395. However, this was 20.5% higher than a year ago, offering buyers more options compared to 2023.
Rental Market:
Perth’s median rent remained steady at $650 per week in December, an 8.3% rise from the same time last year. For houses, the median rent held at $670, while units saw a slight increase to $650 per week, up 4.8% from November and 14% year-on-year.
Suburbs with the largest rent increases included:
Rental availability at the end of December was 1,785 properties, down 18.9% month-on-month but 17.6% higher than December 2023. Median leasing times held steady at 15 days.
Fastest Leasing Suburbs: Clarkson and Subiaco led with nine-day median leasing times, followed by Bayswater and Wembley at 10 days.
Perth’s property market continues to exhibit resilience, buoyed by strong demand and limited supply, supporting sellers and sustaining price growth.
Director / Licensee
CONTESSI PROPERTIES