Perth Residential Market Insights – June 2021
Perth Sales Market
11 months of growth
June marked the eleventh straight month of price growth for the Perth residential market and CoreLogic’s Home Index for Perth increased 0.2% during June.
While this seasonal trend reflects a decrease from the strong macro-market price growth we have witnessed over the last year, we continue to see price growth vary widely between Perth’s sub-markets and individual suburbs, with property owners in tightly-held locations achieving gains well above the reported market average.
Competition remains high
Competition amongst buyers remains high in many Perth suburbs, with properties commonly receiving offers from multiple interested parties. This competition is reflected in Perth’s record low days on market and in June the median time to sell declined to 15 days – the fastest Perth has seen in 15 years. Due to the pace of the market, buyers need to ensure they’re ready to move with strong offers in order to secure properties.
Perth Rental Market
Strong demand leading to rental growth
CoreLogic reports that Perth had the second highest annual growth in rent values (behind Darwin), with rents having increased +16.7% across the market. Demand continues to outweigh supply in this space, with the quantity of rental listings holding below 3,000 since September 2020 – a key component driving this rental uptick.
Rental market still below former peaks
Despite strong growth since the end of the emergency rental moratorium in late March, the median rent in the majority of Perth suburbs remains below previous peak prices. REIWA reports that 235 suburbs have median house rents below their peak prices in May 2021.