The Perth property market continues to shift, with the number of homes for sale now exceeding 6,000 listings for the first time since April 2023. Increased listing activity and softer buyer demand have provided purchasers with more choice compared to earlier this year.
Property prices are still rising, but at a slower pace. In June, Perth’s median house price increased 1.1% to $930,000, while the median unit price rose 1.5% to $670,000. Homes are also taking longer to sell, with the median selling time now 18 days, reflecting a more balanced market.
Higher interest rates, recent Federal taxation changes, and cautious consumer sentiment have contributed to reduced buyer activity, particularly among investors and first-home buyers. As a result, sellers are encouraged to price their properties realistically and present them well to stand out in a more competitive market.
The rental market remains relatively stable, with median weekly rents holding at $750 for houses and $700 for units. However, rental listings remain limited, and continued population growth is expected to keep pressure on housing demand.
Whether you’re buying, selling, or investing, understanding your local market is more important than ever. Working with an experienced local agent can help you make informed decisions and achieve the best possible outcome.
Source: REIWA