Perth records $780k median house sale price amid decrease in supply
Perth’s property market continues to boom, with the city’s median house and unit sale prices rising in May, following strong demand and lower listings.
The latest data from the Real Estate Institute of Western Australia (REIWA) showed that Perth’s median dwelling prices continued to rise over May, following favourable economic conditions and heightened consumer sentiment.
In May, Perth’s median house price rose 0.6 per cent to $780,000, registering 18 per cent higher than last year.
The city’s median unit price also increased by 1.9 per cent over the month to $535,000, up by 21 per cent compared to May 2024.
REIWA president Suzanne Brown said that while Western Australia’s population growth had slightly wavered over the month, she emphasised that levels had still remained strong and fuelled demand for housing.
Brown further noted that the current strength of the Western Australia economy had helped to lift sentiment in the property market, with recent government findings showing that employment levels are high in the state.
“Despite headwinds in some areas of the resources sector, the latest data from the Department of Energy, Mines, Industry Regulation and Safety shows the industry has recorded eight consecutive calendar years of employment growth,” she said.
According to Brown, while Western Australia remains a resource-based state, government initiatives have helped the state expand beyond the mining sector.
“There has been a strong focus on diversifying the economy from the state government, and our growing population has led to more roles in sectors like healthcare and education, which is likely to continue,” Brown said.
“These factors support consumer confidence and a robust property market,” she added.
Off the top of these conditions, the three Perth suburbs that saw the most growth in May were Maylands (up 2.9 per cent to $936,000), Bedford (up 2.1 per cent to $1,000,000) and Wannanup (up 1.9 per cent to $818,000).
Active listings slightly dip month-on-month
While dwelling prices kept increasing in May, REIWA’s data showed that active listings for sale in Perth settled at 4,351, registering 6.6 per cent lower than levels at the end of April but 32.9 per cent higher than a year ago.
“Sales activity also increased towards the end of the month, which has seen active listings settle slightly below the April level,” Brown added.
Time on market holds steady
Houses in Perth sold in a median of 13 days in May, registering one day faster than April but four days slower than May 2024.
Across the greater Perth region, the fastest-selling suburb for houses in May was Harrisdale (six days), followed by Joondalup, Alkimos, Golden Bay, Jane Brook, Kardinya, Nedlands, Port Kennedy, Riverton and Safety Bay, where houses sold in seven days.
While the median time to sell a unit in Perth held steady at 14 days from the month prior, the time frame was three days longer than levels from one year prior.
Perth rental market moderately shifts over May
Perth’s median dwelling rent rose 0.7 per cent to $675 per week in May, which was 3.8 per cent higher than levels from May 2024.
Even though the median weekly rent for houses remained stable month-on-month at $680, it still registered 4.6 per cent higher than values from the same time last year.
The median rent for units also remained stable at $650 per week, but marked a sizeable 8.3 per cent increase on levels recorded in May 2024.
According to REIWA, the three Perth suburbs that saw the most growth in their median weekly dwelling rent price in May were West Leederville (up 7.7 per cent to $700), Fremantle (up 6.3 per cent to $765) and Como (up 5 per cent to $735).
Brown said that the institute has continued to see periods of stability in Perth’s rental market, interspersed with “relatively small movements in median prices”.
“The median unit rent has been unchanged since December 2024. And the median weekly house rent price has been $680 for four of the past five months,” Brown said.
“This reflects the changed conditions in the rental market, including an increase in supply and increase in the vacancy rate,” she concluded.