Perth continued its winning streak in May, striking its 10th consecutive month of dwelling-value growth, according to the Real Estate Institute of Western Australia (REIWA) and CoreLogic.
Over the month, the median selling price in the city increased by 1.1% to $510,000, with 81 suburbs reporting gains. The city's values have so far increased by 7% since the start of the year.
Attadale rose as the best-performing suburb after recording a 4.9% growth in median value to $1.25m. Scarborough (3.8% to $755,000), Melville (3.6% to $860,000), South Lake (3.6% to $400,000), and Hamilton Hill (3.5% to $490,000) also reported robust gains over the month.
The median time to sell a home in Perth has declined to 14 days during the month, indicating that competition among buyers remained high.
"Median selling times are still sitting close to 15-year lows, with buyers needing to act very quickly to secure a property," said Damian Collins, president at REIWA.
It appears more sellers want to take advantage of the surge in demand for homes in the city, with listings growing by 0.8%. At the end of May, there were 9,020 properties for sale in Perth.
"The figure for May is also the first time we have seen listings sit above 9,000 since November 2020,” Collins said. "Given the buoyancy of the Perth sales market, more and more people are recognising that there is good opportunity to sell their home for a competitive price which is leading to an increased number of properties on the market.”
