Perth Residential Property Market Insights – May 2024


Perth’s housing price growth and strong demand continue

Across Australia in May, residential property values rose by 0.8%, while Perth saw the highest price growth of 2.0%. Other capital cities to record price growth were Adelaide (1.8%) and Brisbane (1.4%) while the only cities to record a contraction were Hobart and Darwin, falling by 0.5% and 0.3% respectively (Core Logic 2024).

Over the past quarter, dwelling prices in Perth have increased by 6.1%, and 22% over the past year; the strongest rises in the nation (Core Logic, 2024).

Listings for sale decline further

According to REIWA, there were only 3,270 properties listed for sale during the week ending 2 June 2024. This number of listings is down from the 3,551 recorded four weeks prior and down from the 5,890 in the same week last year.

The average time to sell a house in the Perth market remained steady at 8 days in May 2024, which is 4 days faster than the same period last year. The average time to sell a unit is 10 days, which is one day faster than the previous month (REIWA, 2024). The speed at which properties are selling is contributing to the ongoing low number of listings for sale.

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

Source:  REIWA and Momentum Wealth Research


Rental prices stable in May

Perth’s median rental dwelling price remained stable at $650 per week in May 2024, however, this is 18.2% higher than 12 months ago. The median rental price for houses and units also remained stable at $650 per week and $600 per week during the month of May (REIWA, 2024).

There was an increase in rental stock coming onto the market in May with 2,405 properties listed for rent in Perth during the week ending 2 June 2024. This is an increase on the 2,216 recorded four weeks prior and the 1,971 recorded the same time last year (REIWA, 2024). The graph below shows the decline in the number of homes available for rent in the Perth market.

Source: REIWA and Momentum Wealth Research


Population Growth

According to the latest statistics from the Australian Bureau of Statistics (ABS), Australia’s population grew by 2.5% over the 12 months ending in December 2023. Western Australia maintained its growth trajectory, recording an annual population increase of 3.3%, the fastest in the country for the fifth consecutive quarter. This was followed by Victoria at 2.8% and Queensland at 2.6%.

Western Australia’s population growth was largely driven by a significant increase in international migration, which added 68,503 people over the same period. Additionally, Western Australia had the second-highest rate of interstate migration (10,709), trailing only Queensland (31,595). (ABS, 2024)

The robust population growth in Western Australia is expected to exert further upward pressure on housing prices, as the supply struggles to meet the rising demand.