Spring has continued to be sellers’ preferred time for listing with REIWA reporting that October recorded over 5,500 new listings entering the market — the highest monthly figure since March 2021.
In response to Perth’s strong buyer demand and rising prices, many home owners are taking the opportunity to list their properties and capitalise on the significant growth that has occurred over the past 12 months and indeed in the post-covid period.
REIWA has reported that Perth’s median house price climbed to $715,000 in October, up 2.1 per cent from the previous month, while unit prices reached $475,000. The annual growth rates of 22.2 per cent for houses and 17.3 per cent for units demonstrate the strength of the market and the continued upward price pressure as buyers compete to secure property.
Locally we have seen a remarkable increase in the median sale price of some of our suburbs with White Gum Valley recording a new median sale price of $1,300,000 and 33.3 per cent growth over the past 12 months. We’ve also seen a surge in the median sale price in Palmyra with 27.6 percent growth to $1,040,000. Attadale recorded an increase of 23.7 percent over the past 12 months with a median sale price of $1,850,000.
On the rental side, locally there has also been significant growth in rental prices with Beaconsfield rents increasing by a whopping 47.3 per cent, White Gum Valley and South Fremantle by 26.7 per cent and East Fremantle by 23.7 per cent.
If you’re considering selling or leasing out your property, there is still plenty of time to capitalise on the growth and sell prior to Christmas.
For buyers, the increase in listings brings greater choice after a long period of tight supply. While there are more properties on the market, we’re noticing that buyers are taking slightly longer to make decisions, with median days on market increasing to 11 days.
Our experience shows while some properties are taking a little longer to sell, buyers who act quickly and decisively are still positioning themselves best to secure the property.
If you’re thinking of capitalising on the current momentum in the market or simply interested in gathering information for making a move in the future, we’re here and well-placed to help you with the latest market information. Our approach is always to seek to understand your unique circumstances and provide you with the tailored advice to help you make the best decision for your circumstances.
