Perth in Bloom: Your Guide to the Spring Property Market Boom
Photo Credit: ArtLenz
As we find ourselves in the heart of spring, the Perth property market is bustling with energy and activity. This season, known for its vibrant growth and renewal, has brought a significant uptick in real estate listings and buyer interest. Homeowners are eager to take advantage of the favorable conditions, while buyers are actively searching for their perfect properties. With new opportunities emerging daily, it's an exciting time for both sellers and buyers in the dynamic Perth Metro area.
A Flourishing Market
Spring is traditionally one of the most dynamic periods in real estate, and this year is no exception. Cath Hart, CEO of REIWA, highlights the increase in new listings compared to the quieter months prior to spring, indicating a positive trend for both buyers and sellers. "Members are reporting a greater influx of listings to the market, with new listings outpacing sales over the past month," she notes.
However, while new properties are becoming available, they’re selling quickly. Active listings remain 19% lower than this time last year, a significant improvement from previous months when listing volumes were down by over 30% year-on-year. This indicates a healthy demand for homes in our beautiful Perth Metro area.
Price Growth Continues
The upward momentum in Perth’s property prices is also noteworthy. The median house sale price climbed by 1.7% in September, reaching $700,000—up an impressive 21.5% over the past year. Similarly, the median unit sale price rose by 2.2% to $465,000, reflecting a 16.3% increase year-on-year.
Cath Hart points out that the ongoing demand for established homes, driven by population growth and constraints in the building sector, is likely to keep prices climbing. "We expect to see continued increases in the latter part of 2024," she adds, reinforcing the robust health of the market.
Quick Sales and Competitive Edge
In terms of sales speed, houses in Perth sold within a median of just 10 days in September, highlighting the competitive nature of the market. Units also saw a median selling time of 10 days—one day slower than August, but notably faster than the same period last year.
Some suburbs are experiencing rapid sales, with homes in Brabham, Golden Bay, and Yokine selling in just five days. It’s a clear indicator that motivated buyers are out in force this spring, making it a prime time for sellers to list their properties.
Here are is some data sourced from REIWA comparing some top-performing suburbs in our local area:
|
Suburb |
Median Sale Price |
Upper Quartile |
Lower Quartile |
Time on Market (Houses) |
Time on Market (Units) |
|
Belmont |
$665K |
$750K |
$600K |
14 days |
9 days |
|
Beckenham |
$624K |
$718K |
$557K |
7 days |
13 days |
|
Maddington |
$580K |
$650K |
$495K |
8 days |
7 days |
|
Redcliffe |
$670K |
$745K |
$605K |
8 days |
5 days |
|
Forrestfield |
$650K |
$723K |
$585K |
8 days |
16 days |
|
Ascot |
$1.1M |
$1.29M |
$803K |
13 days |
8 days |
|
Maida Vale |
$689K |
$815K |
$539K |
9 days |
16 days |
|
East Cannington |
$655K |
$790K |
$535K |
7 days |
8 days |
|
Queens Park |
$600K |
$709K |
$518K |
6 days |
5 days |
Based on settled sales as at 8 October 2024
Rental Market Stability
The rental market has remained steady as well. Median weekly rents for houses and dwellings held at $650, marking a year-on-year increase of 8.3%. With 2,049 rental properties available at the end of September—6.5% lower than August but 22% higher than last year—prospective tenants have more options to choose from.
While there are signs of price corrections in certain areas, it’s essential for property owners to work closely with their property managers to set competitive rental prices that reflect current market conditions.
Conclusion
As we dive into the spring selling season, there’s a palpable excitement in the air for both buyers and sellers in the Perth property market.
At Porter Matthews Metro, we’re here to guide you through this vibrant landscape, whether you’re looking to buy your dream home or sell your property at a competitive price. Let’s make the most of this spring together!
For personalized assistance, contact us today at 9475 9622 and explore how we can help you navigate the Perth real estate market, or drop us a line at [email protected]
Sources;
https://reiwa.com.au/suburb/ascot/
https://reiwa.com.au/suburb/belmont/
https://reiwa.com.au/suburb/beckenham/
https://reiwa.com.au/suburb/maddington/
https://reiwa.com.au/suburb/redcliffe/
https://reiwa.com.au/suburb/forrestfield/
https://reiwa.com.au/suburb/maida-vale/