Happy New Year! This is your December 2023 Market Update.
Listings for sale in Perth fell to a record low of just 3,648 in December. Which REIWA CEO Cath Hart appropriately declared as, “…the perfect storm”.
The same metrics of demand, migration, rental demand, and construction costs that have fuelled property price increases across the year continue to be the primary factors for this low supply – however December does usually see a dip in new listings to market because people are busy with the festive season. So although we can expect supply across January to increase, house prices are expected to continue to increase.
Here is the rest of your market recap from December, thanks to data from REIWA
Median House Price
$590,000 in December, a 0.5 per cent increase from November, and 8.3 per cent higher than a year ago.
Time on Market
Median of 10 days in December, nine days faster than a year ago.
Rental Market
$600 per week in December, stable from November but 15.4 per cent higher than the same time last year.
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.
