Perth Residential Property Market Insights – June 2023


Median days to sell a property in Perth drops to record low of 10 days

In Perth, the median number of days to sell a property in June was just 10 days which is the shortest time on record, according to REIWA.

All major capital cities recorded improvements in June, however, Perth is the only one to show growth over the past 12 months, recording an annual increase of 2.5% (Core Logic). In June, Perth’s home value index increased by 0.9% and 2.7% over the last 3 months. Across Australia, residential property values increased by 1.1% in June (Core Logic).

REIWA data recorded only 5,328 properties listed for sale during the week ending 2 July 2023, down from 5,589 last month and from 8,595 12 months prior. We are continuing to see heavy demand outweigh the supply of available housing.

The graph below demonstrates the downward trend of stock availability within the Perth market.

Source: REWIA and Momentum Wealth Research

Median rental prices hit new record

According to REIWA, the median rental house price in Perth reached a new record of $580 per week in June 2023, marking an increase of $80 from June last year.

The number of properties available for rent in Perth showed a slight increase, reaching 2,112 in the week ending 2 July 2023, up from 2,066 four weeks earlier and a decrease from 2,300 recorded the same time last year (REIWA, 2023).

The steady decrease in the availability of rental properties in Perth has resulted in the vacancy rate remaining at 0.7% in June 2023 and it took a median of just 16 days to lease a house in June (REIWA).

The graph below shows the decline in the number of homes available for rent in Perth and the vacancy rate remaining at record lows.

Source: REWIA and Momentum Wealth Research

Top Perth suburbs for price growth in June

According to REIWA, a number of Perth suburbs recorded between 1 and 3% price growth in June. These include Beeliar (up 3% to $625,000), Hammond Park (up 2.6% to $533,500), Dawesville (up 1.9% to $550,000), Cooloongup (up 1.8% to $417,500), and Caversham and Armadale (up 1.4% to $547,500 and $329,500 respectively).

Fastest selling suburbs in June

The fastest selling suburbs across Perth in June were: Greenfields and Parmelia (three days); Balga, Dudley Park and Port Kennedy (four days); and Bertram, Cooloongup, Armadale, Carlisle and Leeming (five days).