2021 was a big year for the Perth property market, with CoreLogic’s latest data showing Perth home values increased 13.1 per cent during the calendar year.
REIWA President Damian Collins said the increase in the CoreLogic hedonic home value index over the last 12 months was good news for Perth property owners.
“2021 saw a remarkable resurgence in the Perth property market, with low stock levels and strong buyer demand fuelling price growth. We anticipate another healthy year of price growth ahead, driven by an increase in migration once borders open which will sustain the demand for property in Perth,” Mr Collins said.
Perth home value index and median house sale price
CoreLogic’s Perth home value index increased 0.4 per cent during December and reiwa.com data shows Perth’s median house sale price was $520,000.
“At a suburb level, December was another strong month, with 83 suburbs recording price growth,” Mr Collins said.
The suburbs to record the biggest median house sale price growth during December were Applecross (up 6.2 per cent to $1.7 million), Kalamunda (up 4.9 per cent to $710,000), Wannanup (up 3.4 per cent to $585,000), Mandurah (up 3.2 per cent to $310,000) and Beckenham (up three per cent to $422,500).
Other suburbs to perform well were Cooloongup, Kardinya, East Victoria Park, Doubleview and Safety Bay.
Listings for sale
There were 8,511 properties for sale on reiwa.com at the end of December, which is seven per cent less than November.
“We saw a notable decline in listings for sale at the end of December compared to November, which is very typical for this time of year as sellers choose to defer listings over the holiday period,” Mr Collins said.
On an annual basis, reiwa.com data shows listings for sale were four per cent higher at the end of December 2021 than they were at the end of December 2020.
Time on market
The median time to sell a house during December was 14 days, which is the same as November and seven days faster than December 2020.
“Properties are selling very fast in Perth, with buyers needing to act quickly and competitively to ensure they secure a property,” Mr Collins said.
reiwa.com data shows the fastest-selling suburbs in December were Kingsley (six days), Coolbellup (seven days), Floreat (seven days), Greenwood (seven days) and Heathridge (seven days).
Other suburbs to record fast median selling times were Leeming, Tapping, Ocean Reef, Bull Creek and Greenfields.
Perth rental market
Median rent price
Perth’s median rent price increased $5 to $445 per week in December.
“Even though rents experienced a small increase during the month, they are still more affordable than they were in 2014 and WA tenants continue to enjoy the most affordable rents in the country,” Mr Collins said.
The suburbs to record the biggest increase in median rent during December were Balcatta (up $30 to $450 per week), Aubin Grove (up $30 to $480 per week), Rivervale (up $25 to $450 per week), Waikiki (up $20 to $400 per week) and Yanchep (up $20 to $420 per week).
Other suburbs to record strong increases were Queens Park, Seville Grove, Riverton, Harrisdale and Morley.
Median leasing times
It took a median of 16 days to lease a rental during December, which was the same as November and one day faster than December 2020.
The suburbs that recorded the fastest median leasing times during December were Secret Harbour (12 days), Wellard (12 days), Innaloo (13 days), Kelmscott (13 days) and Hamilton Hill (13 days).
Other suburbs to experience fast median leasing times were Scarborough, Yanchep, Alkimos, Armadale and Butler.
Listings for rent
There were 1,864 properties for rent on reiwa.com at the end of December.
“The rental shortage continues to be the biggest issue facing the Perth rental market. We need more investors in the market to help keep up with tenant demand, which will only increase once borders open and migration resumes,” Mr Collins.
“It is critical that the WA Government does not make major changes to the Residential Tenancies Act that will discourage property investment in WA at a time when we desperately need an influx of rental stock.”
Sourced from REIWA