October Market Summary

REIWA’s 2023 property market quarterly update reports Perth has seen new records to housing prices, the median time to sell, and a new record low in the number of listings advertised for sale.

With WA’s population growing 2.8 per cent in the year to March (the most growth in the country), the appetite for WA property is strong and is likely to remain this way for some time.

Availability of stock meanwhile remains low.  Whilst the number of homes coming to the market is about 6.3 per cent lower than the same time last year, the number of sales is 16.4 per cent higher, reflecting the strong demand.

New records were also set in the rental market in the third quarter of the year.  The median house weekly rent hit a new record high of $600 per week at the end of August, up from $550 in December 2022.  The vacancy rate for rental properties also remains at an extreme low.

In the last week of October  alone, C&CO Real Estate had eight properties go under offer, five of those having only been on the market for one week.  1/29 Stratford Street in East Fremantle, for example, had 60x buyer groups inspect the home, resulting in eight offers.  2B Farrell Street in Hilton saw 45x buyer groups inspect the home, resulting in 10 Offers.