{"id":2699,"date":"2022-06-01T03:14:08","date_gmt":"2022-06-01T03:14:08","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/perth-prices-and-rents-continue-upward-march\/"},"modified":"2022-06-01T03:14:08","modified_gmt":"2022-06-01T03:14:08","slug":"perth-prices-and-rents-continue-upward-march","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/perth-prices-and-rents-continue-upward-march\/","title":{"rendered":"Perth prices and rents continue upward march"},"content":{"rendered":"

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Perth’s property market continues to outperform its larger eastern states capitals, with home values and rents continuing to increase.<\/p>\n

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Perth home values increased 0.6 per cent during May, bringing total growth for the 2022 calendar year to date to 3.6 per cent.\u00a0<\/p>\n

REIWA President Damian Collins said market conditions during the first five months of 2022 had been strong, with the Perth property market outperforming Sydney and Melbourne for price growth<\/a>.<\/p>\n

\u201cMay was another solid month of growth for the Perth property market, which is an encouraging sign that the recent increase to the cash rate has not stifled demand.\u00a0<\/p>\n

\u201cBased on what we\u2019ve seen so far this year, Perth is on track to achieve REIWA\u2019s forecasted 10 per cent price growth by the end of the year,\u201d Mr Collins said.\u00a0<\/p>\n

Perth\u2019s median house sale price was $525,000 during May, with reiwa.com data showing 64 Perth suburbs recorded price growth during the month.\u00a0<\/p>\n

\u201cPrice growth is widespread across Perth, with REIWA agents from Mandurah to Joondalup reporting strong market conditions.<\/p>\n

\u201c<\/span>Despite the fact prices are rising, Perth continues to have the most affordable median house sale price of any capital city in the country,\u201d Mr Collins said.\u00a0<\/p>\n

The suburbs to record the biggest increase in median house sale price during May were North Perth<\/a> (up 4.5 per cent to $1.1 million), Wembley Downs<\/a> (up 2.7 per cent to $1.31 million), Langford<\/a> (up 2.6 per cent to $380,000), Wilson<\/a> (up 2.5 per cent to $610,000) and Bedford<\/a> (up 2.3 per cent to $750,000).\u00a0<\/p>\n

Other suburbs to perform well were Meadow Springs<\/a>, Yanchep<\/a>, Brabham<\/a>, Kardinya<\/a> and Attadale<\/a>.<\/p>\n

Listings\u00a0increasing<\/strong><\/p>\n

There were 8,519 properties for sale on reiwa.com at the end of May, which is six per cent higher than April and 11 per cent lower than the end of May 2021.<\/p>\n

\u201cWe saw a notable increase in listings for sale during May, which is pleasing, however stock levels remain well below the 12,000 to 13,000 figure that we\u2019d expect to see in a balanced market,\u201d Mr Collins said.\u00a0<\/p>\n

The median time to sell a house was 13 days during May, which is the same amount of time as April and one day faster than May 2021.<\/p>\n

\u201cProperties continue to sell fast – Perth is firmly in a seller\u2019s market and buyers need to ensure they act quickly and present their best offers first to avoid missing out,\u201d Mr Collins said.\u00a0<\/p>\n

reiwa.com data shows the fastest-selling suburbs in May were Cooloongup<\/a> (six days), Bedford<\/a> (seven days), Heathridge<\/a> (seven days), Melville<\/a> (seven days) and Waikiki<\/a> (seven days).\u00a0<\/p>\n

Other suburbs to record fast median selling times were Woodvale<\/a>, Kingsley<\/a>, Piara Waters<\/a>, Butler<\/a> and Camillo<\/a>.<\/p>\n

Irrepressible rents<\/strong><\/p>\n

Perth\u2019s median rent price increased $10 to $470 per week during May.<\/p>\n

\u201cThis is the second month in a row that the median rent price has increased. While market conditions are challenging for tenants, we continue to have the most affordable rental environment in the country,\u201d Mr Collins said.\u00a0<\/p>\n

The suburbs to record the biggest increase in median rent during May were Como<\/a> (up $40 to $545 per week), Butler<\/a> (up $15 to $420 per week), Dianella<\/a> (up $15 to $465 per week), Secret Harbour<\/a> (up $15 to $475 per week) and Armadale<\/a> (up $10 to $350 per week).\u00a0<\/p>\n

Other suburbs to record notable increases were Midland<\/a>, Girrawheen<\/a>, Waikiki<\/a>, Thornlie<\/a> and Belmont<\/a>.\u00a0<\/p>\n

It took a median of 16 days to lease a rental during May, which was the same as April and two days faster than May 2021.<\/p>\n

The suburbs that recorded the fastest median leasing times during May were Seville Grove<\/a> (10 days), Harrisdale<\/a> (12 days), Butler<\/a> (12 days), Success<\/a> (12 days) and Alkimos<\/a> (13 days).\u00a0<\/p>\n

Other suburbs to experience fast median leasing times were Bassendean<\/a>, Clarkson<\/a>, Gosnells<\/a>, Balga<\/a> and Duncraig<\/a>.\u00a0<\/p>\n

There were 2,322 properties for rent on reiwa.com at the end of May, which is seven per cent less than at the end of April and 18 per cent less than at the end of May 2021.\u00a0<\/p>\n

\u201cThe rental shortage will not go away<\/a> without a significant uplift in private investment.<\/p>\n

\u201c<\/span>We need to ensure property investment is encouraged in Western Australia so that there are enough available rentals to keep up with tenant demand,\u201d Mr Collins said.\u00a0<\/p>\n<\/p><\/div>\n

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[ad_1] Perth’s property market continues to outperform its larger eastern states capitals, with home values and rents continuing to increase. Perth home values increased 0.6 per cent during May, bringing total growth for the 2022 calendar year to date to 3.6 per cent.\u00a0 REIWA President Damian Collins said market conditions during the first five months […]<\/p>\n","protected":false},"author":1,"featured_media":2700,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[168],"tags":[],"class_list":["post-2699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-residential-property"],"yoast_head":"\nPerth prices and rents continue upward march | Urban Buyer: Buyers Agent & Advocates | Best Property Buyers For You<\/title>\n<meta name=\"description\" content=\"Perth's property market continues to outperform its larger eastern states capitals, with home values and rents continuing to increase. 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