Wembley<\/a> Downs (up 2.7% to $1.31m), Langford (up 2.6% to $380,000), Wilson (up 2.5% to $610,000), and Bedford (up 2.3% to $750,000) also posted stellar gains during month.<\/p>\nMeadow Springs, Yanchep, Brabham, Kardinya, and Attadale also performed well during the month.<\/p>\n
REIWA president Damian Collins said market conditions during the first five months of 2022 had been strong.<\/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,\u201d he said.<\/p>\n
\u201cBased on what we\u2019ve seen so far this year, Perth is on track to achieve REIWA\u2019s forecasted 10% growth by the end of the year.\u201d<\/p>\n
Strong demand indicators<\/h2>\n
Over the past month, listings for sale increased by 6% monthly. However, the volume is 11% lower than during the same month last year.<\/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.<\/p>\n
In terms of days-on-market, the time it took for properties to get sold was 13 days, similar to the previous month but one day faster than last year.<\/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 Collin said.<\/p>\n
Some of the fastest-selling suburbs were Cooloongup (six days), Bedford (seven days), Heathridge (seven days), Melville (seven days) and Waikiki (seven days).<\/p>\n
Robust rental demand<\/h2>\n
Perth\u2019s rental market was also on a roll in May, posting its second consecutive month of rent price growth.<\/p>\n
The city\u2019s median rent price increased by $10 to $470 per week in May.<\/p>\n
\u201cWhile market conditions are challenging for tenants, we continue to have the most affordable rental environment in the country,\u201d Mr Collins said.<\/p>\n
The suburbs to record the biggest increase in median rent during May were Como (up $40 to $545 per week), Butler (up $15 to $420 per week), Dianella (up $15 to $465 per week), Secret Harbour (up $15 to $475 per week) and Armadale (up $10 to $350 per week).<\/p>\n
During the month, it took a median of 16 days to lease a rental property in Perth, faster than a year ago.<\/p>\n
Meanwhile, rental listings in Perth went down by 7% monthly and 18% annually in May.<\/p>\n
\u201cThe rental shortage will not go away without a significant uplift in private investment. 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.<\/p>\n
\u2014<\/p>\n
Photo by @nathan_hurst on Unsplash.<\/p>\n<\/p><\/div>\n
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