Seasonal trends and steady buyer demand continue to shape Perth’s property landscape. According to Cotality (Formerly CoreLogic), national home values rose by 0.6% in June, bringing the quarterly growth rate to 1.4% and the annual increase to 3.4%. The combined capitals index matched this with 0.6% growth for the month, driven by consistent performances in the more affordable markets with Perth again outperforming the national average.
According to Cotality, Perth median dwelling values rose by 0.8% in June, the greatest monthly increase we’ve seen since November last year. This bringing the city’s 3-month growth to 2.1% and 12-month change to 7.0% and the median value to $819,885.
REIWA reported 3,971 houses listed for sale across Perth at the end of June, slightly down from 4,251 total properties at the end of May. Sales activity declined as well in June with 896 transactions recorded in the final week of June, a 11% fall from May’s end. June’s available stock and sales results were largely in line with expected seasonal influences (EOFY & start of winter), however stock for sale has now been on a downward trend since March this year while sales rates have been holding a steadier trend (excluding the easter month).
Prices in the City of Melville held steady in June, with REIWA reporting a negligible 0.19% decline in the monthly median house price, bringing it to $1,383,335. Listings for the month rose slightly to 211, while sales activity totalled 137 transactions, down slightly from May. These two categories are sitting right at the averages for the current calendar year to date.
Across our core local suburbs, listings dipped by 12.7% from May. Ardross and Myaree recorded modest increases, while Applecross, Attadale, Melville, Bicton, Booragoon and Melville saw listing numbers drop. Alfred Cove and Mount Pleasant remained stable.
If stock continues this downward trend, or holds the current level, this could be an early signal of strong price growth for the 2nd half of 2025. Interest rates were left unchanged at July’s RBA meeting, despite an expected rate cut. This is highly unlikely to deter price growth in Perth due to the dominant supply/demand mechanics. Given inflation appears within target levels, further rate cuts this year are still expected and this would give Perth prices a further boost.
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