September closed out with 4,931 listings. Listings figures are down 4.9% from August and down 39.5% from 12 months ago. Time on market fell to single figures.
The Perth housing market has hit the lowest listings level in 30 years, according to REIWA. At the end of September, fewer than 5,000 homes were listed.
“The strength of demand was highlighted in the median time to sell a property, which dropped to a record low of nine days for the month,” said REIWA CEO, Cath Hart.
“This saw the number of listings on www.reiwa.com fall to 4,931 at the end of the month. This is 4.9% lower than the final figures for August and 39.5% lower than 12 months ago.”
Cath Hart, REIWA
Median house prices rose to $570,000 in September, making it 5.6% higher than a year ago, and 4.6% higher than the previous 2014-15 record.
While median house prices increased, the median unit price stayed at $400,000. It was 2.4% lower than September 2022 and 2.9% below the previous high of $412,000 set in 2021-22.
Top five suburbs for Perth house price growth in September 2023
Suburb Price growth (%) Average price ($) Halls Head 3.1% $570,000 Embleton 2.7% $620,000 Hillarys 2.5% $1,080,000 East Fremantle 2.5% $1,672,500 Bassendean 2.1% $612,500
Source: REIWA.
The recent CoreLogic Home Value Index (HVI) recorded increases for Perth home values across the board, up 1.3% monthly, 3.6% quarterly, and 8.8% annually.
Affordability appeals
Affordable Perth homes were also flying off the market. While the median days on market dipped below double figures to nine, some homes sold in a third of that time.
Fastest selling suburbs for houses in September