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Perth’s median house price has risen to $521,000 on the back of solid growth in January.<\/p>\n
Perth’s median house price has risen to $521,000 on the back of solid growth in January.<\/p>\n
CoreLogic\u2019s Perth home value index increased 0.6 per cent during January, the highest monthly increase since May 2021.\u00a0<\/p>\n
REIWA President Damian Collins said this was a strong start to the year, especially given activity is typically lower in January following the festive season.<\/p>\n
\u201cDemand has been strong in the first month of the year and if this continues, the Perth market is on track to achieve the 10 per cent price growth that REIWA forecast for 2022,\u201d Mr Collins said.\u00a0<\/p>\n
The suburbs to record the biggest median house sale price growth during January were Erskine <\/a>(up 4.4 per cent to $450,000), Padbury <\/a>(up 2.4 per cent to $615,000), Kalamunda <\/a>(up 2.1 per cent to $725,000), Harrisdale <\/a>(up two per cent to $549,000) and Wembley <\/a>(up 1.7 per cent to $1.3 million).\u00a0<\/p>\n Other suburbs to perform well were Kinross<\/a>, Falcon<\/a>, Spearwood<\/a>, Canning Vale<\/a> and Landsdale<\/a>.<\/p>\n There were 8,245 properties for sale on reiwa.com at the end of January, which is three per cent more than December 2021.\u00a0<\/p>\n \u201cWe\u2019ve seen a slight increase in the number of properties for sale in Perth during January, as sellers who deferred their listings over the break come back to market ready to take advantage of Perth\u2019s strong buyer appetite,\u201d Mr Collins said.<\/p>\n The median time to sell a house during January was 15 days, which is one day slower than December 2021 and six days faster than January 2021.<\/p>\n \u201cMedian selling times are still exceptionally low and have been for some time now, as we\u2019d normally expect this figure to be up around 30 to 40 days, so the fact it continues to hover around the two-week mark is a testament to how tight competition for properties is in Perth,\u201d Mr Collins said.\u00a0\u00a0<\/p>\n Data from reiwa.com shows the fastest-selling suburbs in January were Harrisdale (seven days), Tapping <\/a>(seven days), Leeming <\/a>(eight days), Cooloongup <\/a>(nine days) and Craigie <\/a>(nine days).\u00a0<\/p>\n Other suburbs to record fast median selling times were Hillarys<\/a>, Kinross, Padbury, Warnbro <\/a>and Greenfields<\/a>.<\/p>\n Rents stabilise<\/strong><\/p>\n Perth\u2019s median rent price was $450 per week during January, which is stable compared to December 2021.<\/p>\n “Even though rents have increased over the last 12 months, we are not seeing unsustainable growth rates month-on-month and Western Australia is still the most affordable place to rent in the country,\u201d Mr Collins said.<\/p>\n The suburbs to record the biggest increase in median rent during January were Dianella <\/a>(up $20 to $450 per week), Yanchep <\/a>(up $18 to $438 per week), Ellenbrook <\/a>(up $10 to $410 per week), Byford <\/a>(up $10 to $440 per week) and Success <\/a>(up $10 to $480 per week).<\/p>\n Other suburbs to record storng increases were Cloverdale<\/a>, Armadale<\/a>, Thornlie<\/a>, Nedlands <\/a>and Wellard<\/a>.<\/p>\n Quick sales<\/strong><\/p>\n It took a median of 16 days to lease a rental during January, which was the same as December and two days faster than January 2021.\u00a0<\/p>\n The suburbs that recorded the fastest median leasing times during January were Wellard (12 days), Willetton <\/a>(12 days), Nedlands <\/a>(13 days), Warnbro (13 days) and Yanchep (13 days).\u00a0<\/p>\n Other suburbs to experience fast median leasing times were Alkimos<\/a>, Byford, Subiaco<\/a>, Success and Scarborough<\/a>.<\/p>\n There were 2,345 properties for rent on reiwa.com at the end of January, which is a 25 per cent increase on December.\u00a0\u00a0<\/p>\n \u201cWe saw rental listings reduce significantly at the end of December, which is not unusual for that time of year,\u201d Mr Collins said.<\/p>\n “Pleasingly, this reduction was temporary and listings for rent are now nine per cent higher than they were three months ago.<\/p>\n \u201cWe are still a long way off rectifying the rental shortage though.<\/p>\n “We need WA\u2019s borders to open to increase investment in the state and attract people with trade skills to help complete construction and free up rental stock.\u201d\u00a0<\/p>\n<\/p><\/div>\n