This is your November Perth real estate market update.
And just like that we’re at the end of the first week of December.
A month where the weeks move as quickly as homes on the market in November – which was another record breaking month with demand as palpable as ever.
Here’s your November Perth property market recap thanks to REIWA:
- A new record median house price of $585,000, up 8.2% in the last 12 months.
- Average time on the market: Only 8 days, unchanged from October.
- Median dwelling rent price: $600 per week. A 1.7% increase from October and 20% higher than November last year.
- Median leasing times: 14 days, unchanged from October and this time last year.
Looking through to 2024 demand for established homes is unlikely to abate with values likely to increase further. More anecdotally I’ve seen properties on the same street sell for almost $50K more than similar homes that sold only a few months ago.
Although uncertainty around inflation and ongoing interest rate rises are very much a concern for home buyers, the factors keeping demand buoyant and bringing new buyers into each market segment, particularly in the family homes segment, will remain same.
And what are these factors contributing to demand for established homes? Continued population growth, ongoing construction delays and costs deterring people from building new homes, a tight rental market i.e. low vacancy and high rent pushing renters to buy, and Perth’s relative housing affordability compared to other states ensuing interstate investment and interest remains strong.
And that’s your market wrap for November.
Ready To Make Your Move?
Thinking of selling your home? When you are ready I would love to hear from you about your goals. To offer you a quality selling experience that ensures you are supported with the right tools and expertise every step of the way. If you’re not quite ready to sell but want to start preparing your home for sale you can request a free, no obligation pre-sale consultation. You can learn more about this offer here or call me on 0479 143 324.
