BUTLER houses sold quickly in 2023-24, three Wanneroo suburbs were among the fastest leasing suburbs for homes and Girrawheen units made the top 10 for median price growth, according to REIWA.
Houses in Butler sold in six days while achieving an annual house sale price of $550,000 – an annual house price increase of 23.6 per cent.
REIWA chief executive officer Cath Hart said while there was clearly the appetite for, and ability to, buy property in Perth, price was important and buyers continued to act quickly when they saw value.
“Houses sold in a median of less than a week for all the suburbs on the list,’’ she said.
“High demand also saw these suburbs record strong price growth.”
Ms Hart said while the unit market was slower to respond to market conditions over most of 2023, in 2024 demand and price growth had accelerated.
“The overall demand for property, and particularly the strong motivation to exit the challenging rental market, has seen demand for units increase.
“Units are generally more affordable than houses, which helps people put a foot on the property ladder in a rising market.
“This is helping drive price growth in the unit market.”
Girrawheen was among the top 10 suburbs for median price growth (units) with an annual unit sale price of $410,000 – an annual unit price increase of 34.4 per cent.
In 2023-24 the annual median for selling days for Girrawheen units was 19.
She said in the rental market demand remained high coupled with ongoing low supply which saw rent prices reach new peaks in early 2024.
“There are signs the rental market is beginning to moderate with prices remaining stable since March, sitting at $650 per week for houses and $600 per week for units, at the end of June.
“Along with the stability in rent prices, the number of rental listings has been increasing since February and properties are taking longer to lease, particularly at the higher end of the market.’’
Pearsall (11 days), Wanneroo (12) and Darch (12) were among the 10 fastest leasing suburbs for houses.
Pearsall with an annual median house rent of $580 had an annual change in rent of 5.5 per cent.
Wanneroo with an annual median house rent of $583 had an annual change in rent of 13.1 per cent.
Wanneroo with an annual median house rent of $665 had an annual change in rent of 10.8 per cent.
