Perth property red hot: West sees high prices and quick sales

PERTH real estate set a cracking pace at year’s end, recording double-digit yearly growth for both houses and units.

According to the REIWA, houses posted a median sale price of $830,000 in November, up 1.2% on October’s $820,000.

That’s a whopping 12 per cent higher than in November 2024.  

The median unit sale also rose over the month, up 1.6% to $580,000.

This was 17.2% higher year-on-year, continuing to outpace the price growth in houses.  

REIWA President Suzanne Brown said the market remains very strong, especially at the more affordable end of the market. 

“It is clear from both the data and what our REIWA agents tell us that competition remains intense at price points near or below the Perth median,” she said. 

“Although upmarket Nedlands saw the most price growth this month, five of the ten fastest price growth suburbs have a median below $890,000. 

“Agents report multiple bids, high buyer interest and very fast selling times.”

Perth houses sold in a median of nine days in November, one day slower than October but five days faster than a year ago.  

Units sold in a median eight days, six days faster than a year ago.  

The suburbs that saw the most house price growth in November were Nedlands (up 4.7% to $2,675,000), Bedford (up 4.6% to $1,025,000), Coolbellup (up 3% to $857,500), Mullaloo (up 3% to $1,327,500) and Mount Pleasant (up 2.6% to $2,087,500).  

The fastest selling suburbs for houses in November were Tuart Hill at just 2 days, plus Langford, Carramar and Bassendean each on four days.

“The market is transacting at a furious pace for homes in more affordable price brackets,” Ms Brown said.