A recent CoreLogic report revealed Perth has experienced the highest increase in housing values across the nation over the past year. Additionally, housing values in Perth are currently at a record high. Perth recorded a 1.3% increase for May, bringing the annual increase to 2%.
Demand is being driven upwards by Western Australia’s affordable housing, strong economy, low cost of living and high wages. Supply however, is declining. Usually, more properties are listed for sale than are sold each week according to REIWA. Yet for the past two months, weekly sales have been higher than new listings. Both total listings and new listings are down by over 26% for Perth, compared to the same period last year.
Nationally, the time it takes to sell a property is on a downward trend. Perth has the fastest selling properties however, with a median of only 18 days on market in the three months to May. This is significantly faster than the national median of 33 days. Some suburbs sell in seven days or less, so buyers need to act fast or they miss out.
Perth also remains one of the best performing rental markets in the nation, being second only to Darwin. With 4.9% gross rental yields for the month of May, investor activity and interest continues to grow, further driving demand higher. Persisting conditions of high demand and low supply indicate the Perth property market will maintain its upward trajectory.
Perth Suburbs Moving Up
Hillarys recorded a massive 5.8% increase in house prices for the month of May, with values rising to $1.1 million in the beach side suburb.
Staying coastal, Kinross experienced 2% growth in May, with prices increasing to $632,500. Close behind was Halls Head, prices there rose to $540,000, growth of 1.9%. Secret Harbour took out fourth place, prices jumped 1.8% for the month to $539,500.
Melville also made the top five, with a 1.3% increase during May, bringing median house prices up to $1,002,500.
Warnbro, Golden Bay, Parmelia and Seville Grove also performed well throughout the month, all recording increases in house prices of more than 1%.
Our team worked hard throughout May and despite the shortage of stock available were still able to secure 70% of our purchases off or pre market. Here’s a small sample of the properties purchased during the month:
What’s Happening In The Perth Property Market?
In the past twelve months alone, we’ve helped over 100 clients close deals in high growth, high cashflow locations, while taking care of all the paperwork and dealing with the agents so you don’t have to.
What’s more, we’ve saved them thousands through our intimate market knowledge, vast off market referrer network, decades of experience in development, planning, investing and our ‘in the trenches’ up to the minute live pricing models.
You may feel you’re already a good researcher, negotiator and deal finder and you probably are – for your level of experience.
However the reality is – we’ve closed over 100 deals in the past year, developed a vast network of referrers over the past two decades, and built a team of full time researchers, deal finders and relationship builders to ensure that if anything happens in the Perth property market – we know about it….first!
Maximise your options by accessing off market deals, giving you more properties to choose from, save time and avoid all the hassle, as we take care of all of the inspections, research and negotiations for you.
If you’re ready to enjoy the same success as our clients, please book your complimentary vision analysis session today!
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help you search, negotiate and secure your property goals at the best possible price.
Our story started with the passion for property and the research behind finding the right one.