CoreLogic’s monthly data report for October shows a marginal decline in Perth’s housing values of 0.11%. However, given that Perth recorded it’s wettest October since records began, and that there has been an annual increase in housing values of 16.37%, it would be a mistake to think that the Perth property market is not still going strong.
Sellers proved they were confident that the Perth market has not cooled off at all, with a 3% increase in the number of properties listed in October compared to September. According to REIWA data, 5,838 new properties came to market during October, the highest level reported since May this year.
This increase in new listings is good news, as it is an indication properties are not spending long on the market before they are sold. Buyers still need to act quickly to secure a property. On average, for October, it took only 16 days to sell a property. The same time last year, properties took an average of 25 days to sell. In some suburbs, properties are selling even faster. Properties in Heathridge or Willagee for example, spend only six days on the market before they are snapped up.
Experts have tipped that the slowing of housing value growth will result in lower rental yields. This has not proved true for Perth though, because despite the slight decline in housing values, rental yields increased from 4.3% in September to 4.4% in October. Perth remains one of the strongest rental markets, second only to Darwin. This has maintained investor interest in the Perth market and although selling season has brought more stock to market, buyer demand is still high.
Perth Suburbs Moving Up
Coastal suburbs were the standout performers for Perth during October. Cottesloe recorded the highest growth, with average house values rising to $2.6 million, an increase of 4.6%. Sorrento and Doubleview both rose 2.8% for October, increasing to an average of $1.15 million and $795,000 respectively. Joondalup also experienced a 2.8% increase, with average housing values growing to $545,000. Close behind was Brabham, which rose 2.6% to $427,500.
Outlook for Perth
At Resolve Property Solutions, we are working with our clients to gain access to as many suitable properties as possible. As well as sourcing properties which meet our clients brief, we also search for off-market opportunities where possible to provide more options, and always ensure they are buying the right property at the right price.
Resolve Property Solutions is an independent and qualified Buyer’s Agent specialising in Perth property. We will work hard for you to help your 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.