HIGH Wycombe and Brabham were some of the suburbs with the fastest selling houses in REIWA’s June market update.

According to the real estate institute’s report, houses in Perth sold in a median of 13 days in June, unchanged from May but four days slower than June 2024.

The June report stated active listings in Perth had fallen below 4000 for the first time since September 2024.

REIWA president Suzanne Brown said the decline reflected a drop in new listings and consistently strong demand.

“Historically, new listings tend to decline at this time of year, with new listings in June 5.9 per cent lower than May over the past four years,” she said.

“However, demand remains very strong and in the past few weeks we have seen the number of sales exceed new listings.

“This has seen active listings decline.”

Ms Brown said while the decline in new listings was seasonal, seller sentiment was also playing a role.

“In the current market, selling comes with a range of challenges.

“If you put your home on the market, it is likely to sell quickly and you are then faced with having to find somewhere else to live, possibly in a matter of weeks.

“If you decide to buy first, you are then making offers subject to sale, which can make you less competitive against buyers who already have their finance sorted.

“And if your offer is accepted you then have to scramble to get your house on the market.

“Our members report these factors are creating hesitancy among some potential sellers.

“If you are thinking of selling, but want to find your new home first, it is a good idea to get your home market-ready so you can advertise it as soon as you put an offer on a new property.”

Perth’s median house sale price increased 0.8 per cent in June to $786,000.

This was 16.4 per cent higher than at the same time in 2024.

The median unit sale price also increased, rising 0.9 per cent over the month to $540,000, which was 20 per cent higher than a year ago.

Ms Brown said demand was still driving price growth.

“While population growth is slowing, it is still strong, which is maintaining the strong demand for homes,” she said.

“According to the latest figures, WA’s population increased 2.4 per cent in the year to December 2024 and has exceeded 3 million.

“Net interstate and overseas migration was nearly 58,000, and if you assume there are 2.5 people per household, that’s created demand for over 23,000 new homes to either buy or rent. And that doesn’t include demand from the existing population.

“There has been a significant imbalance between demand and new supply for some time and while new home completions did increase in 2024 to about 20,600, that imbalance is still putting upward pressure on prices in the established homes market.”