The Perth property market continues to steadily increase in value, with prices hitting a record high of $560,000 in July.
Values were up 0.9 per cent last month, taking the annual increase to 4.7 per cent and higher than the previous peak of $545,000 set in 2014 according to CoreLogic.
Real Estate Institute of Western Australia (REIWA), CEO, Cath Hart said the median house price has been rising steadily all year.
“While massive price hikes make great headlines, moderate increases are better for the market,” Ms Hart said
“They allow sellers to achieve capital growth over time, while ensuring home ownership remains relatively affordable and attainable.”
Ms Hart said while prices are rising, there are still 99 suburbs that are priced under $560,000, which shows there are still affordable options for buyers.
While the median house price rose, the median unit price fell 0.4 per cent to $398,000 in July, with prices 2.9 per cent lower than a year ago.
According to CoreLogic, the top performing suburbs for house price growth in July were Wannanup (up 2.4 per cent to $599,000), Nedlands (up two per cent to $1,989,750), East Victoria Park (up two per cent to $755,000), South Yunderup (up two per cent to $520,000), and Secret Harbour and Quinns Rocks (up 1.7 per cent to $559,500 and $615,000 respectively).
Sorrento, Safety Bay, Duncraig and Joondalup also recorded growth of more than 1 per cent.
One of the factors driving up property prices in the west has been the incredibly tight level of listings.
The number of properties available for sale in Perth fell to 5,181 at the end of July, 3.1 per cent lower than June, and 39.4 per cent lower than 12 months ago.
Ms Hart said properties were still selling incredibly quickly, which was keeping the number of listings low.
“We do expect listings to increase as we move into Spring, however it will still be some time before we return to a traditional balanced market,” she said.
Properties sold in just 10 days in July, which was the same as June, with the fastest selling suburbs including Greenfields, Cooloongup and Dayton (four days); Seville Grove and Wellard (five days); and Harrisdale, Armadale, Atwell, Kardinya and Mandurah (six days).
In positive news for renters, in what’s been one of the tightest rental markets in the country, rents and time-to-lease metrics, remained steady in July.
Perth’s median dwelling rent price was unchanged at $550 per week in July, with houses renting for $580 and $525 for units.
According to REIWA, the suburbs that saw the most growth in their median rent price in July were Glendalough (up 60 per cent to $690 per week), Shoalwater (up 40 per cent to $560), Applecross, (up 28 per cent to $693), Bassendean (up 28 per cent to $640), and West Leederville (up 25 per cent to $835).
Across Perth, there were 1,876 properties available for rent at the end of July, an 11.8 per cent decrease from June and 16.4 per cent lower than July 2022.
While it took a median of 16 days to lease a rental during July, with Hamilton Hill (six days), Canning Vale (eight days), Glendalough, Gosnells and Yokine (nine days), Balga and Shenton Park (10 days), and Banksia Grove, Morley and Nollamara (11 days) having the fastest leasing times.