CoreLogic has reported a further 0.6% increase in dwelling values for Perth for the month ending 30 May 2022. 

This brings total growth for the calendar year to 3.6%, with our median house price now $525,000.

reiwa.com reports that the inner north suburbs of North Perth (up 4.5%) and Bedford (up 2.3%) recorded the highest and fifth-highest increase in median house prices for May, respectively.

Whilst nationally, the market saw its first fall since September 2020, it’s Sydney (-1.0%) and Melbourne (-0.7%) that led the slowdown, with Canberra (-0.1%) the only other capital city to record a decline.  

Outside of these three cities, capital city growth trends remained positive. Based on media reports, with its heavy bias towards the Sydney and Melbourne markets, you’re forgiven if you thought the slowdown was more widespread. Fortunately, it’s not the case.

At Red Fox, we followed our record month of sales in April with a solid May. As a result, we’re now sitting well ahead of our June quarter sales record with another four weeks to go.

In Perth, listings for sale remain low, being 8519 at the end of May, albeit 6% higher than April. We think that the difference may be due to some sellers having waited until after Easter and Anzac Day to launch their homes for sale.

Despite the slight increase in stock levels, the median days to sell a house in May were 13, the same as April. 

How much is my property worth?
We'll prepare a full appraisal report of your property based on our vast local knowledge and market activity.
No addresses found. This could be a new address, or you may need to check the spelling.

Bedford was one of Perth’s fastest selling suburbs, with properties spending an average of 7 days on the market in May compared to a 12 month average for the suburb of 22 days. Red Fox’s average days on the market for Bedford for the last 12 months is 6. 

In May, rents continued to rise, with Perth’s median rent increasing by $10 to $470 per week. Dianella reportedly had the third-highest median rent increase, up $15 to $465 per week.

Unlike the slight increase in sales listings, properties available for rent fell 7% in May to 2,322 – 18% lower than last year. 

Unless there is a significant increase in private investment, and given the blowout in the time frames for new building completions, reiwa.com is anticipating the shortage to continue – we agree.

With overseas migration yet to kick-in in WA and our anecdotal observations of a higher than usual % of landlords choosing to sell in our local areas, we think it’s likely to worsen before it gets better.

For a no-obligation, confidential chat to gauge where your property might sit in the current market and run through your options, call me now on 0405 812 273 – I’d love to help.

Sources: CoreLogic and reiwa.com