House and unit sale prices continue to grow in Perth

New data from reiwa.com shows that despite the public holidays and COVID-19 lockdown in April, Perth’s median house and unit sale prices continued to increase throughout the month.

The data revealed that for the first time since December 2018, Perth’s median house sale price is back above $500,000, coming in at $508,000 for the month – up from $495,000 in March.

The median unit sale price also increased to $390,000 during April, from $385,000 in March.

On an annual basis, the Perth median house price is $33,000 more expensive than it was in April 2020, while the unit median sale price has increased $15,000 during that same timeframe.

While the median price is rising, it is also important to note that we are still below the previous peak in June 2014, where we reached a median price of $545,000 for houses and $450,000 for units. REIWA is forecasting a 15 per cent median price rise in the 2021 calendar year.

The five Perth suburbs to experience the strongest median house sale price growth during April were Bullsbrook (up 7.8 per cent to $352,000), Bicton (up 6.6 per cent to $1.14 million), Wilson (up 3.9 per cent to $533,500), Mount Lawley (up 3.5 per cent to $1.035 million) and Secret Harbour (up 3.3 per cent to $445,500).

In the unit market, the top five suburbs for sale price growth were Tuart Hill (up 3.7 per cent to $316,000), Claremont (up 3.1 per cent to $652,500), Innaloo (up 1.7 per cent to $285,000) and East Perth (up 1.5 per cent to $470,000).

Demand remains strong in Perth with reiwa.com data showing that 93 per cent of Perth suburbs experienced an increase in sale transactions when comparing April 2021 to April 2020.

The five suburbs to record the biggest increase in sales activity during April 2021 were Heathridge, Bicton, Hammond Park, Noranda and Darch.

The strong buyer demand was further highlighted by how quickly properties sold during the month, with the median time to sell dropping to 13 days. This is exceptionally fast and represents the lowest median selling time REIWA has on record for Perth since reporting started in 2006.

The five fastest selling suburbs in April were Subiaco (five days), Noranda (six days), Tapping (six days), Harrisdale (seven days) and Heathridge (seven days).

REIWA anticipates the residential sales market will continue its strong recovery throughout the year provided there are no sustained lockdowns or significant economic impact from coronavirus outbreaks.