Butler and Quinns Rocks house prices increase in October

REIWA says the Perth property market remains resilient compared with other states. File picture

BUTLER and Quinns Rocks were among the top performing suburbs for house price growth in October, according to REIWA.

House prices increased by 3.6 per cent to $570,000 in Quinns Rocks while they rose 1.9 per cent to $420,000 in Butler.

Other top performing suburbs last month included Warnbro (up 2.5 per cent to $410,000), Hamilton Hill (up 2.2 per cent to $595,000) and Currambine (up 1.9 per cent to $655,000).

Pearsall, Rockingham, South Perth, Stirling and Padbury were other suburbs to record strong house price growth.

On Monday REIWA said CoreLogic’s Perth home value index decreased 0.2 per cent in October, the smallest decline out of all capital cities in Australia.

REIWA chief executive officer Cath Hart said the Perth property market remained resilient compared with other states due to the strong Western Australian economy, resources sector and housing affordability.

“It is pleasing to see Perth home values were relatively stable in October,’’ she said.

Ms Hart said to put things into perspective, Brisbane’s home value index declined by 2.0 per cent and Sydney’s by 1.3 per cent.

“The main drivers for this are the low level of stock and our affordability, with Perth median house prices the cheapest of any capital city – there is nothing in the Perth property market right now indicating that house prices will fall drastically any time soon.”

There were 8169 properties for sale on reiwa.com at the end of October – almost identical to last month’s figure of 8155 and 5.9 per cent lower than levels seen a year ago.

“We are still experiencing a housing and labour shortage concurrently, which is resulting in good outcomes for sellers but competitive conditions for those wanting to buy,” she said.

“With the population continuing to grow this is adding pressure on an already strained housing market, and it will remain this way until we have more housing stock.

“This demand for housing is expected to keep market conditions strong.”

The median time to sell a house was 15 days during October.

Perth’s median rent price was $500 per week during October, which is $5 more than September.

There were 1658 properties for rent on reiwa.com at the end of October, down 3.8 per cent from September and 23 per cent lower than October 2021.