April market wrap…

Although the pace of growth slowed in April, home values still edged higher across every capital city, and this is despite uncertainty around the upcoming election and recent US tariff announcements. According to CoreLogic, national home values rose by 0.3%. The combined capital cities recorded a more modest increase of 0.2% for the month, signalling continued resilience even as broader economic factors apply pressure.

According to CoreLogic, Perth’s median dwelling value only grew by a very modest 0.4% in April. This brings Perth’s rolling quarterly growth to 0.7% at the end of April. Growth rates are continued to ease, with Perth median dwelling values up 10% in the 12 months to April’ end which is down from 11.9% recorded over the 12 months to end March.

REIWA reported 4,764 properties listed for sale across Perth at the end of April—a 6.4% decline from March but likely influenced by school holidays and consecutive long weekends. Despite the monthly drop, listings remain significantly higher than last year, up 30.8% compared to the same week in 2024. Sales activity also slowed dramatically, with transaction volumes falling by 48.2% month-on-month. This sharp decline likely reflects both seasonal factors and a broader dip in consumer activity.

Prices in the City of Melville continued its upward trend in April as reported by REIWA. A 0.29% increase in the monthly median house price was recorded, which took the median price to $1,370,000. Listing volumes remained stable, with 202 properties available at month’s end. Sales activity, however, declined by 17.4%, with 123 properties sold in April compared to 149 in March— reflecting the same expected seasonal slowdown and reduced buyer activity.

Across our core local suburbs, listings declined by 8.59% from the end of March, mirroring the broader trend across Perth. Applecross, Ardross, Bicton, Booragoon, Melville, and Mount Pleasant all recorded a drop in available stock, while Attadale and Myaree saw increases. Alfred Cove remained steady with no change in listing volume.

The signs of stabilisation continue in the Perth market. The rental vacancy rate remains within the long-term average range and monthly rate of price growth is slowing. For now, stock for sale has dropped back under 5000 properties across Perth, however we expect this will start to trend up again now that the Easter month has passed.