March Market Summary

Perth’s median house sale price set a new record in March 2024, rising 2.5 per cent to $620,000 according to REIWA.com, with CEO Cath Hart advising the ongoing strong demand for homes has continued to put upward pressure on prices.

WA’s population also continues to increase at a near record rates – up to 3.3 per cent to over 2.9 million in the year ending September 2024. This of course creates strong competition for established homes, which in turn is pushing up prices. REIWA.com reports house prices have increased 12.7 per cent year-on-year, while unit prices are up 4.0 per cent. Although there is a lot of talk about Eastern States investors paying top dollar for homes in WA, REIWA members are reporting it is usually local buyers who are willing to pay for a home.

In March 2024, houses sold in a median of eight days, five days faster than March 2023. Fast selling times reflect the demand for established homes and such rapid turnover makes it challenging for buyers. Buyers need to cover all bases by signing up for property alerts and, when making offers although price is important, in this market its also a good idea for buyers to understand what is important to the seller. This may be a long settlement to give sellers time to find a home, or the ability to rent back for a period of time.