The only way was up for WA property prices in the September quarter
Median house and rent prices rose in Perth during the September 2023 quarter, according to the latest REIA Real Estate Market Facts.
The median sale price for three-bedroom houses rose 2.6 per cent over the quarter to $595,000, while the median sale price for two-bedroom other dwellings rose 1.8 per cent.
Over the year to September, three-bedroom houses recorded an increase of 11.0 per cent while two-bedroom other dwellings rose 1.3 per cent.
REIWA CEO Cath Hart said despite the increase in the median house price, Perth remained relatively affordable, particularly when compared to the Eastern States.
“Our median is marginally higher than Darwin, which has a median of $590,000, and well below the next lowest priced state, which is Adelaide at $710,000,” she said.
“We’re more than two and a half times more affordable than Sydney at $1,578,000.
“What we also need to remember is that while we have seen strong growth in recent years – up 22.6 per cent on the previous low of $477,000 REIWA recorded in 2019, we are only 7.3 per cent above the previous high of $545,000 set in 2014. Home ownership remains attainable in our state.
“And I think there are many owners, particularly those who bought before our long decline who are quite relieved to see prices rise.”
Ms Hart said ongoing strong population growth, constraints in the building industry and the challenges of the rental market were maintaining the high demand for established homes, which was then fuelling price growth.
“Homes continue to sell in record times, which highlights the demand for established property,” she said.
“Market conditions indicate this will continue and we can expect more price growth in the coming months.”
Darwin (+4.4 per cent) recorded the highest median house price growth over the quarter, followed by Perth. Canberra (-5.6 per cent) and Melbourne (-0.2 per cent) were the two states/territories to record declines.
Hobart (+5.4 per cent) saw the most growth in the median price for other dwellings.
Perth was the second most affordable capital city by median house price and median price for other dwellings, with Darwin marginally more affordable in both categories. Despite the increase in prices, Perth is also one of the most affordable cities based on the proportion of income needed to meet mortgage payments.