Despite a perceived shortage of homes for sale, Perth's property market saw 54,307 preliminary settled sales of houses, units, and land for the year, REIWA reported.
“People are still selling, but homes are being snapped up in record timeframes, so the number of properties advertised at any time appears low,” REIWA CEO Cath Hart (pictured above) said.
Although the number of sales was slightly down, the total value of sales reached $39,564,740,679, marking a 13.2% increase.
“While volumes were slightly down, the total value of property transactions was nearly $40 billion for the year, which reflects the sustained price increases we’ve seen in the WA market,” Hart said.
The median house sale price set new records monthly, now standing at $665,000, an 18.8% increase from the previous year.
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Viveash saw the highest price growth for houses, with its median house sale price increasing by 40.9% to $620,000.
Cottesloe led the unit market, with its median sale price rising by 50.9% to $1,200,000.
“Affordability remains a focus for buyers and this is reflected in the makeup of the Top 10 suburbs for house price growth,” Hart said.
Cooloongup was the fastest-selling suburb for houses, with homes selling in a median of five days. 
In the unit market, Mount Hawthorn led with a median of six days. 
“Affordability also came to the fore in the fastest selling list, with all ten suburbs recording a median house sale price below $550,000,” Hart said.
Perth’s rental market also saw records in 2023-24. The median weekly rent prices for houses and units reached $650 and $600, respectively.
Despite stable prices since March, rental listings have increased, and properties are taking longer to lease.
“The number of rental listings has been increasing since February and properties are taking longer to lease, particularly at the higher end of the market,” Hart said.
Perth’s property market continued to offer strong yields despite slight declines.
Langford topped the list for houses, providing a yield of 6.1%, while Cannington led for units with a yield of 8.1%.
“Overall, the yield data shows that Perth property still provides an affordable entry point to the property market and good opportunities for investors,” Hart said.
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