Perth’s property market is heating up, with unit prices reaching a decade-high milestone.
Here’s your one-minute wrap on REIWA’s July 2024 market update.
The headline figure:
Perth’s median unit price hit $450,000 in July, matching the previous peak set in 2014.
The fast five:
- The median unit price rose 2.2 per cent month-on-month and 12.5 per cent year-on-year.
- Houses sold in a median of 9 days, while units also sold in just 9 days, down from 16 days a year ago.
- Active listings fell to 3279, down 36 per cent compared to July 2023.
- Median weekly dwelling and house rents held steady at $650, up 18.2 per cent year-on-year.
- Rental listings increased 34.6 per cent year-on-year to 2507 properties.
What else you need to know:
The median house sale price continued its upward trend, reaching $675,000 in July, a 2.3 per cent increase from June and 19.5 per cent higher than July 2023.
REIWA President Joe White says:
“The unit market was slower to respond to market conditions, and prices were fairly stable over 2023, but growth has accelerated this year and seen it equal the previous record.
“More price growth is expected over 2024, which will be welcome news for unit owners.”
