Perth Homes Selling Within a Week as February Demand Remains Strong
Units sold in a record time of seven days in February, according to the latest data from REIWA. This was one day faster than January and six days faster than a year ago.
Houses sold in a median of eight days, also one day faster than January and six days faster than the same time last year.
REIWA President Suzanne Brown said the increase in the speed of sales reflected the incredibly strong demand for established homes and ongoing lower-than-usual supply.
“While both houses and units are selling quickly, the tightening we are seeing in the speed of unit sales partly reflects rising house prices and price-conscious buyers looking for more affordable options,” she said.
“The Federal Government’s 5% deposit scheme is also likely to be directing demand towards the unit market, as unit prices are more likely to be below the scheme’s threshold of $850,000 than house prices.
“www.reiwa.com data shows demand across the unit types is fairly uniform, with villas selling in a median of six days, home units selling in a median of seven, apartments in eight, and townhouses in nine.”
Ms Brown said supply continued to be an issue for the market, both in terms of the delivery of new homes and lower-than-usual new listings in the established homes market.
“Demand for new homes is strong but the building industry is still experiencing a number of constraints that hamper construction. These include the availability of land, the time it takes to get land subdivided and ready to sell, and the supply of skilled labour and materials,” she said.
“In the apartment space, the financial viability of new projects means we are only seeing higher end products built. This means there are very few affordable options coming online for buyers.
“Unfortunately, in the short to medium term the established homes market cannot expect any relief from a significant increase in new supply.”
According to www.reiwa.com data, the fastest selling suburbs for houses in February were Woodvale, Parmelia, Lake Coogee, Cooloongup, and Pearsall (five days); and Willetton, Wandi, Quinns Rocks, Mount Lawley, and Mount Claremont (six days).
The fastest selling suburbs for units were Yokine (three days); Cockburn Central (four days); Balga, Wembley, and Claremont (six days); and Maylands, Shenton Park, Bayswater, Rivervale, and West Perth (seven days).
Perth sales market
Perth property prices continued their upward climb in February.
The median hoUse sale price* rose 1.8 per cent over the month to $870,000. This was 13.7 per cent higher year-on-year.
Reflecting the growing demand in the unit market, the median unit sale price* increased 3.3 per cent over the month and 20.4 per cent over the year to $620,000.
The suburbs that saw the most house price growth in February were Yokine (up 7.3 per cent to $1,180,000), Warnbro (up 1.8 per cent to $728,000), Banksia Grove (up 1.7 per cent to $763,000), Scarborough (up 1.6 per cent to $1,371,500) and Rockingham (up 1.6 per cent to $800,000).
Bayswater, Alkimos, Gosnells, Harrisdale, and Forrestfield were also among the top performers, recording growth of 1.4 per cent or more over the month.
The suburbs that saw the most unit price growth were Bayswater (up 6.9 per cent to $567,500), Claremont (up 3.9 per cent to $888,000), Wembley (up 3.2 per cent to $480,000), Nollamara (up 2.9 per cent to $643,100), and Cockburn Central (up 1.9 per cent to $545,000).
Perth, Maylands, Palmyra, South Perth, and Rockingham were also among the top performers, recording growth over 1.0 per cent.
Listings for sale
According to www.reiwa.com data, active listings** across Perth rose to 2,723 at the end of February.
While this was 10.5 per cent higher than January, it was 43.8 per cent lower than February 2025.
Ms Brown said while new listings rose over February, they remained below levels seen at the same time in previous years.
“Even though there has been an increase in new listings, there is so much pent-up demand in the market that they are snapped up extremely quickly, keeping active listings very low,” she said.
“We will continue to watch listings numbers as we move into March.”
Perth rental market
Following a jump in January, median rent prices eased in February.
The median dwelling rent declined 1.4 per cent to $710 per week. This was 5.2 per cent higher than in February 2025.
The median weekly rent for houses decreased 0.7 per cent to $720. However, it was 5.9 per cent higher than a year ago.
The median weekly rent for units rose to $700, a 1.4 per cent increase over the month and 7.7 per cent higher than February 2025.
Ms Brown said monthly movements in rents were to be expected.
“The market has settled into a period of relative stability,” she said.
“The overall rate of price growth is low and the vacancy rate has been over 2 per cent for more than a year. These conditions will see some upwards and downwards movements in rent prices from month to month.
“We expect to see this pattern continue throughout the year, as long as there is nothing that significantly impacts rental supply, such as changes to tenancy legislation or tinkering with taxation policies.”
According to www.reiwa.com, the suburbs that saw the most growth in their median weekly house rent price in February were Scarborough (up 6.6 per cent to $975), Innaloo (up 4.8 per cent to $820), Eglinton (up 3.1 per cent to $670), Yanchep (up 2.4 per cent to $645), and East Victoria Park (up 2.1 per cent to $735).
The suburbs that saw the most growth in their median weekly unit rent price were Fremantle (up 6.7 per cent to $800), West Perth (up 3.2 per cent to $730), Nollamara (up 2.9 per cent to $720), Subiaco (up 2 per cent to $765), and East Perth (up 1.3 per cent to $800).
Listings for rent
There were 1,934 properties available for rent on www.reiwa.com at the end of February. This was 6.5 per cent lower than January and 4.2 per cent lower than the same time in 2025.
Median leasing times
Homes leased in a median of 16 days during February, one day faster than January but one day slower than a year ago.
www.reiwa.com data showed the suburbs recording the fastest median leasing times were Subiaco and Joondalup (nine days); Southern River (10 days); Joondanna, Canning Vale, and Nollamara (11 days); and Spearwood, Mount Lawley, Morley, and Innaloo (12 days).
* REIWA publishes an annual median sale price based on pending and settled sales.
** Active listings – the number of properties advertised on www.reiwa.com at any given time. New listings – new properties listed for sale.
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