Spring Has Arrived!
Perth's property market is gearing up for the Spring selling season, with active listings for sale increasing by 8.4% in September, reaching 3,952 by the month's end, here is your comprehensive Perth property market update.
Despite this rise, Perth's property market is still moving quickly, which will keep active listings relatively low. In fact, active listings are 19.0% lower than they were at this time last year. This is a notable improvement, especially compared to the period from November 2023 to May 2024, when listings were down by 40% year-on-year, and remained over 30% lower each month from May 2023 onward.
Perth’s median house price rose by 1.7% in September, climbing 21.5% over the past year to reach $700,000.
Strong demand for established homes continues, driven by population growth and ongoing challenges in the building industry. Without a major shift in supply or demand, upward pressure on prices in this sector is expected to persist.
The suburbs that saw the highest growth in median house prices for September were Coodanup (up 3.5% to $538,000), Bassendean (up 3.2% to $765,000), Duncraig (up 2.9% to $1,140,000), Dudley Park (up 2.9% to $615,000), and Kelmscott (up 2.8% to $550,000).
On average, houses sold in 10 days this September, just one day slower than in August and compared to the same time last year.
As your expert mortgage brokers in Perth, we ensure you get the best advice on your borrowing capacity where interest rates are changing every month.
If you are in the market and looking for property, reach out and we will guide you through the process. Buying your first home or investment property in Perth can be a daunting task, we’re here to help.
For further reading on house values have a look at Real Estate HERE or to find out more about the Perth property market update reach out to our expert team anytime!
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