August Market Summary

Strong demand is maintaining pressure on Perth property market.  In August, Perth’s median house price rose to $562,550.  The number of properties for sale in Perth was 5,170, which is 36.8 per cent lower than 12 months ago.

New properties are coming onto the market, however high demand is seeing active buyers snap up anything new as soon as it hits the market.  Properties are selling in 10 days, that’s eight days faster than a year ago.

The rental market is no different, with only 1,673 properties for rent,, which is 12.2 per cent lower than August 2022.  It took a median of 15 days to lease a rental during August; one day faster than July.

Leading into the Spring / Summer months, there is no indication that market conditions will loosen at this time.