During the month of November, Perth’s property market continued to demonstrate resilience and growth, despite signs of cooling in other parts of the nation.

Sustaining upward momentum, Corelogic reported that Perth’s property market recorded a 1.1% increase in median dwelling values for the month marking a 3% rise over the past three months and an impressive 21% growth over the past year. The median dwelling value now stands at $808,090 but the growth rate for Perth is slowing.

REIWA reported that listings in Perth continue to climb, with 5,661 properties for sale by the end of November, reflecting a 13% increase from October’s end and a significantly, a 19% increase compared to the same time last year. Despite this growing supply, demand remains robust, especially in the middle and lower price brackets.

The City of Melville experienced notable growth in November, with the median house price rising by 2% to reach $1,278,500. Listings in the area saw a 10% increase, climbing from 210 at the end of October to 231 by November’s end. Sales activity also remained strong, with 149 properties sold, marking an 8% increase from October and resulting in a healthy 39% clearance rate.

Local suburb data from realestate.com.au showed a 10% increase in listings, most notably in Alfred Cove, Attadale, Booragoon, and Myaree, while Mount Pleasant saw a slight decline.

Nationally, November again presented mixed results with Melbourne continuing its downward slide in dwelling values and Sydney and record it’s second month of decline. Brisbane and Adelaide continued their upward trends, though the pace of growth in Perth still proving to be the strongest in the Nation.

The early signs of softening in the Perth market have continue through November with stock increasing again, as well as the rental vacancy rate and the average days on market for Perth which is now 13 days. While these are all still at historically low levels, they are moving in a clear direction and the probability is this will lead to a change in price direction. The first quarter of 2025 will be very telling as to when this change may occur.