Your January 2025 Perth House Market Update!

Perth’s property market continued its upward trend in January, with the median house sale price increasing by 1.4% to reach $750,000. This marks a significant 23.0% rise compared to January 2024.

Similarly, the median unit sale price experienced growth, rising by 1.0% for the month and 20.5% year-on-year to $500,000.

REIWA CEO Cath Hart noted that while property prices are still climbing, the rate of growth has moderated compared to 2024.

“We’re currently seeing a softer market, which aligns with typical festive season activity and reflects a cooling in the urgency that defined the latter half of 2024,” she said.

“Buyers are becoming more selective and are taking more time with their purchasing decisions.

“However, demand varies across Perth. Well-presented homes in sought-after locations continue to attract strong interest and sell quickly, whereas other properties may take longer to find a buyer.

“While market conditions still favour sellers, it’s crucial they heed their agent’s advice regarding presentation and pricing to ensure their property appeals to the right audience.”

Suburb Growth Leaders

In January, several Perth suburbs recorded notable price growth:

• Scarborough – up 2.7% to $1,204,000
• Dawesville – up 2.5% to $717,500
• Camillo – up 1.8% to $580,000
• Greenfields – up 1.7% to $590,000
• Port Kennedy – up 1.5% to $690,000

Additionally, Seville Grove, Nollamara, Swan View, Dayton, and Joondalup were among the top-performing areas, all posting growth of at least 1.2% for the month.

Time on Market

The median time to sell a house in Perth was 22 days in January—seven days slower than in December and 13 days slower than a year ago.

For units, the median selling time was 17 days, reflecting an increase of two days month-on-month and four days compared to January 2024.

“Historically, sales times tend to lengthen over the festive period, but this also indicates a broader shift in buyer sentiment,” Ms Hart said.

“As we move into the traditionally active autumn season, we may see a slight reduction in time on market. However, an overall easing in selling times is expected throughout 2025.”

Fastest Selling Suburbs

According to REIWA data, the fastest-selling suburbs for houses in January were:

• Cooloongup – 6 days
• Butler, Mount Lawley, Palmyra – 7 days
• Bentley, Hamilton Hill, Wellard – 8 days
• Padbury, Scarborough, High Wycombe – 9 days

Listings for Sale

At the end of January, active listings stood at 4,767, an 8.5% increase from December and a 25.5% rise compared to January 2024.

“Listings typically decline toward the end of December and remain low in early January, which is consistent with seasonal trends,” Ms Hart explained.

“However, by the end of the month, we observed an uptick in new listings, leading to a significant year-on-year increase. This rise reflects both a longer time to sell and a growing number of properties coming onto the market.”

Perth Rental Market

Perth’s median dwelling rent climbed 3.1% in January to $670 per week, representing an 8.9% increase over the past year.

The median weekly rent for houses grew 1.5% month-on-month to $680, marking a 6.3% annual increase. Meanwhile, the median rent for units remained stable at $650 per week, but was up 12.1% year-on-year.

“We continue to see some monthly variations in rent prices, but what stands out is the significant slowdown in annual growth rates,” Ms Hart said.

“A year ago, the annual rent growth rate was 18.3% for dwellings, 16.4% for houses, and 20.8% for units. This shift highlights the moderation in Perth’s rental market over the past year.”

Suburbs with the Highest Rent Growth

The suburbs experiencing the most significant increases in their median weekly dwelling rent price in January were:

• Nedlands – up 17.6% to $1,000
• Scarborough – up 5.7% to $740
• Innaloo – up 3.8% to $750
• Perth – up 3.7% to $700
• Doubleview – up 3.7% to $778

Rental Listings

At the end of January, rental listings on REIWA’s website totalled 2,216, reflecting a 24.1% increase from December and a 17.4% rise year-on-year.

Median Leasing Times

The median time to lease a rental home in Perth was 16 days in January—one day longer than December but unchanged from January 2024.

The fastest median leasing times were recorded in:

• Hamilton Hill – 7 days
• Dianella, Joondalup – 8 days
• Wembley, Leederville, West Leederville – 9 days
• Claremont, Yokine, Tuart Hill – 10 days
• Thornlie – 11 days

As Perth’s property market progresses into 2025, both buyers and sellers will need to adapt to shifting conditions. While prices remain strong, increased supply and changing buyer sentiment may influence market dynamics in the months ahead.

What is my Home Worth? Request a Property Appraisal to find out!

Check out our latest listings! Residential Commercial