HOUSE prices in several eastern suburbs rose again in October as Perth’s property market demand continued to outpace supply, according to the latest data from the Real Estate Institute of Western Australia (REIWA).
Swan View recorded a 1.4 per cent increase in its median house price to $700,000, while Beechboro was among the fastest-selling suburbs, with homes taking a median of five days to sell.
In High Wycombe, median weekly rents climbed 5.1 per cent to $720.
In Midland, unit rents increased by 4 per cent to a median of $590 per week.
Across Greater Perth, the median house sale price rose to $820,000 in October, up 1.2 per cent from September and 12.3 per cent higher than a year ago.
REIWA President Suzanne Brown said demand was outstripping supply, pushing prices higher.
“We have continuing population growth, we have new home buyers entering the market due to the 5 per cent deposit under the home guarantee scheme, and we simply do not have the housing stock to meet the demand,” she said.
“Many homes that are coming to market are selling very quickly and have multiple offers on the table.”
There were 2793 properties listed for sale at the end of October which is 1.8 per cent higher than September but 44.5 per cent lower than the same time last year.
Ms Brown said many owners were reluctant to sell because of difficulties finding a new home, while new builds were not keeping pace with demand.
“We were expecting to see a bigger uptick in the number of homes coming to market in what would normally be considered the busy Spring selling period,” she said.
“We are two months into Spring, and while there are some hopeful signs, we are yet to see a significant increase in the number of homes listed.”
Units also saw strong growth, with the median price increasing 2 per cent to $571,000 and sales occurring within eight days on average which is one of the fastest rates on record.
In the rental market, the median weekly dwelling rent rose nearly 3 per cent to $700, up 7.7 per cent on last year.
REIWA said rents were likely to remain high over summer as demand stayed strong and available listings remained low.
