Perth property frenzy eases as house prices dip below peak

According to REIWA Perth’s median house sale price rose 1.2 per cent in March to $766,500 (slightly lower than the CoreLogic calculation, which includes units, whereas REIWA’s is houses only).

This was 20 per cent higher than March 2024.

The median unit sale price also rose, increasing 1.2 per cent over the month, and 20 per cent year-on-year to $516,000.

Brown said price rises were not expected to end in the short term.

The suburbs that saw the highest median house price growth in March were Fremantle (up 3.5 per cent to $1.345 million), Yokine (up 3.3 per cent to $1.017 million), Kensington (up 2.9 per cent to $1.325 million), Hillarys (up 2.5 per cent to $1.396 million) and Mandurah (up 2.4 per cent to $545,000).

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Kardinya, Ocean Reef, Aveley, Bicton and Hamilton Hill were also among the top performers, recording growth of 2.2 per cent or more over the month.

Houses in Perth sold in a median 13 days in March, unchanged from February but four days slower than a year ago.

The fastest-selling suburbs for houses in March were Willagee and Hammond Park (six days); Craigie, Orelia, Palmyra and Parmelia (seven days); and Lakelands, South Yunderup, Armadale and Cooloongup (eight days).