Perth’s property sector witnessed remarkable growth in 2024, setting new records for median sale prices of houses and units by year-end.
Cath Hart (pictured above), CEO of REIWA, remarked on the significant growth, comparing it to the boom period of 2006-07.
“The median house sale price experienced the strongest annual growth since 2007, peaking at 24.8 percent in October,” Hart said.
By the close of 2024, the median house price had soared to $745,000, marking a 24.2% increase from the previous year and surpassing the old record of $545,000 set in 2014.
The suburbs leading the price surge varied widely in economic demographics, demonstrating robust demand across the board.
Marmion stood out with a 55.3% increase in median house prices, reaching $2,170,000.
In contrast, Gosnells led the growth in the unit sector with a median price jump of 52.6% to $435,000.
The REIWA data reflects a strong market, driven by factors such as population growth, economic stability, and low unemployment rates.
Properties across Perth continued to sell quickly throughout 2024.
The median selling time for houses remained around nine days for most of the year, with a slight increase noted towards the year-end due to more listings entering the market.
Units matched this pace by mid-year, highlighting a surge in demand for this type of property. Brookdale and Inglewood were the fastest-selling suburbs for houses and units, respectively, with median days on market as low as five.
While the sales market boomed, the rental sector also saw significant price increases, albeit with a stable rate post-April, REIWA reported.
The median dwelling rent reached a new peak at $650 per week.
“The median weekly house rent was at a record $670 at the end of 2024, 8.1% higher year-on-year,” Hart said.
The growth in property prices outpaced rent increases, which led to a slight decline in yields, although they remained attractive with top suburbs generating between 5% to 8% returns.
Despite a general dip in yields, certain suburbs like Cannington and Spearwood stood out for their strong rental yields of up to 7.6%, underscoring the continuing allure of Perth’s rental market.
Kenwick and Westminster topped the charts for rent growth in houses and units, respectively.
The leasing times remained brisk, with properties typically renting out in about two weeks, showcasing the ongoing demand in the rental sector.
