Perth was among four capital cities to record an increase in their median house prices in the December 2022 quarter, according to the latest REIA Real Estate Market Facts.

Perth’s median house price rose 2.7 per cent to $550,000 over the quarter and 2.2 per cent over the year.

“The Perth market showed resilience following eight interest rate rises in 2022,” REIWA CEO Cath Hart said.

“The property market is supported by strong market fundamentals including a strong economy, low unemployment and population growth.”

Perth was the second most affordable capital city for the quarter; Darwin took the honours after its median house price fell 1.8 per cent to $540,000. Despite recording a 2.1 per cent drop, Sydney remained the most expensive with a median house price of $1,413,658.

Median house prices rose in four of the eight capital cities, while the median price for other dwellings rose in three.

Perth was the most affordable capital for other dwellings, with the median price in this category decreasing 2 per cent to $392,000.

Median house prices: Perth and regional zones 

Over the quarter, the median house price increased in all metropolitan areas: Perth Inner (1.0 per cent to $1,250,000), Perth Middle (3.2 per cent to $650,500) and Perth Outer (1.1 per cent to $500,300).

In regional WA, it increased in Bunbury (1.2 per cent to $425,000) but decreased in Broome (-3.0 per cent to $650,000) and Albany (-2.0 per cent to $480,000).

Over the past year, the median house price increased in Perth Middle (0.1 per cent) and Perth Outer (5.1 per cent) but decreased in Perth Inner (-7.4 per cent).

Median other dwelling prices: Perth and regional zones

Over the quarter, the median price for other dwellings decreased in all Perth areas: Perth Inner (-4.1 per cent to $470,000), Perth Middle (-2.0 per cent to $392,000) and Perth Outer (-1.3 per cent to $315,000).

In regional WA, it increased in Bunbury (36.3 per cent to $310,000) and Albany (8.2 per cent $324,500) but decreased in Broome (-6.5 per cent to $360,000).

Over the past year, the median price for other dwellings increased in Perth Outer (5.0 per cent) but decreased in Perth Inner (-2.1 per cent) and Perth Middle (-4.4 per cent).

Perth rental market 

The vacancy rate was unchanged from the September quarter at 0.6 per cent but was one percentage point lower than the previous 12 months.

In the December quarter, the median rent for three-bedroom houses in Perth rose to $495 per week. This is an increase of 5.3 per cent over the quarter and 15.1 per cent over the previous year.

The median rent for two-bedroom other dwellings in Perth remained stable at $450 per week but increased 11.7 per cent from the same time in 2021.

“Perth’s vacancy rate remains at record lows, fuelled by a shortage in homes for rent and strong demand,” Ms Hart said.

“Under current conditions we can expect to see rents increase further.”

Perth was one of the most affordable capital cities for renters.

Median house rental prices: Perth and regional zones  

Over the quarter, the median rent for houses increased in all areas: Perth Inner (4.5 per cent to $700), Perth Middle (4.8 per cent to $550) and Perth Outer (4.2 per cent to $500).

In regional WA, it increased in Broome (19.3 per cent to $895) but decreased in Bunbury (-1.0 per cent to $490) and Albany (-1.3 per cent to $390).

Over the past year, the median rent for houses increased in all metropolitan areas: Perth Inner (16.7 per cent), Perth Middle (15.8 per cent) and Perth Outer (11.1 per cent).

In regional centres, it increased in Bunbury (16.7 per cent) and Broome (37.7 per cent) and remained stable in Albany.

Median two-bedroom dwelling rental prices: Perth and regional zones  

Over the quarter, the median rent for other dwellings increased in Perth Inner (4.2 per cent to $500) and Perth Middle (2.3 per cent to $450) and remained stable in Perth Outer at $410.

In regional WA, it increased in Bunbury (6.5 per cent to $410) and Broome (50.0 per cent to $675) but decreased in Albany (-4.2 per cent to $402.50).

Over the past year, the median rent for other dwellings increased in all metropolitan areas: Perth Inner (11.1 per cent), Perth Middle (12.5 per cent) and Perth Outer (13.1 per cent).

In regional areas, it increased in all major cities: Bunbury (17.1 per cent), Broome (43.6 per cent) and Albany (21.1 per cent).

Sourced from REIWA