June Market Summary

Traditionally, new listings decline over Winter and in June the number of properties available for sale in Perth fell to 5,384, which is 4.4 per cent lower than May and 37.5 per cent lower than one year ago.  We are experiencing unique conditions with high demand being fuelled by population growth, along with more people turning to the established homes market due to building delays, rising construction costs and the challenges of the rental market. 

With sale properties in such short supply, it is no surprise it took a median of 10 days to sell a property in June 2023, the fastest time recorded by reiwa.com data. 

Perth’s property values continued to hold up well with Perth being the only capital city to show growth over the past 12 months.  CoreLogic’s Perth home value index increased 0.9 per cent in June and 2.8 per cent over the past three months.  Perth’s median house price rose marginally to $551,000 over the 12 months to June.  REIWA President, Joe White said, “The median house price is expected to rise further in coming months as the trend for house prices shows a steady increase and we will see more significant growth towards  the end of the year”.

Of course, to keep up to date with the Perth property market, feel free to drop us a line or register for C&CO Real Estate’s property alerts… Whatever your real estate needs, we would love to help!